By Angela McDaniels
Seattle, March 6 - Nereus Pharmaceuticals Inc. received $18.3 million in the second tranche of a private placement of its series D preferred stock, according to a company news release.
Lead investors were HBM BioVentures Ltd. and HBM BioCapital LP. Other continuing series D investors were Alta Partners, Forward Ventures, Pacific Venture Group, Novartis Bioventure Fund, Genavent Partners (sanofi-aventis), Lotus BioScience Ventures, FirstBio, InterWest Partners, Red Abbey Venture Partners, Advent International, and GIMV.
The first tranche closed in December 2004 and amounted to $24.3 million. Since Nereus' first round of financing in 2000, the company has raised a total of $80.6 million, according to the release.
The recent financing was triggered by the successful completion of several milestones in the company's drug development programs, including the clearance of its Investigational New Drug applications for its oncology drug candidates, NPI-2358 and NPI-0052, by the Food and Drug Administration.
Proceeds from the financing will be used to begin phase 1 clinical trials for NPI-2358 and NPI-0052 - the company's first drug candidates - and advance its portfolio of preclinical compounds.
Nereus is a pharmaceutical company based in San Diego that discovers and develops therapeutics from marine microbial sources.
| Issuer: | Nereus Pharmaceuticals Inc.
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| Issue: | Series D preferred stock
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| Amount: | $18.3 million for second tranche, $42.6 million total
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| Investors: | HBM BioVentures Ltd. (co-lead)., HBM BioCapital LP (co-lead), Alta Partners, Forward Ventures, Pacific Venture Group, Novartis Bioventure Fund, Genavent Partners (sanofi-aventis), Lotus BioScience Ventures, FirstBio, InterWest Partners, Red Abbey Venture Partners, Advent International, GIMV
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| Announcement date: | March 6
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