Planet Biotechnology in midst of $4 million financing round; $2.25-$2.5 million committed

By Ronda Fears

Nashville, July 12 - Closely-held Planet Biotechnology Inc. has a $4 million financing round open with $2.25 million to $2.5 million committed, chief executive Elliott Fineman told Prospect News on Tuesday.

The series B preferred stock offering, at $2.50 per share, is being issued directly in negotiations with investors, or without a placement agent, Fineman said. He said the issue will have a 12-month investor protection clause providing that if a large institutional investor steps up in the following year, investors in the series B financing round would be allowed to join that financing round at the same terms.

A time frame on the series B financing round was not available.

Fineman joined Planet Biotechnology in 1998 after founding and operating SuperGen Inc. from January 1991 to August 1995. At SuperGen, he established facilities in Emeryville and Chicago, and recruited the financial and operating management team. He served in two partnerships established to initially fund SuperGen's product development and was instrumental in raising $15 million in early stage capital from private and corporate investors.

Hayward, Calif.-based Planet Biotechnology is a clinical stage company involved in developing new monoclonal antibody-based therapeutic and preventative treatments, produced through cultivation of genetically modified green plants, for cancer, cardiovascular disease, rheumatoid arthritis and other conditions. The company describes its CaroRx as the world's first recombinant plant-made antibody shown in clinical studies to prevent the adhesion to the tooth surface of decay causing bacteria. CaroRx is currently approved for sale in the European Union.

On Tuesday, Planet Biotechnology announced jointly with Large Scale Biology Corp. an expansion of the biomanufacturing program to extract and purify CaroRx.

"Larger quantities of our unique product CaroRx will be produced this year as we continue to implement our plans to market CaroRx in Europe and expand our clinical program under an active U.S. FDA Investigational New Drug application in the U.S.," Fineman said in a prepared statement.

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