Koronis Pharmaceuticals Raises $20 Million
Series D to Fund Phase 2 Proof-of-Concept Trials of HIV Therapeutic
Seattle (June 28 , 2007) - Koronis Pharmaceuticals, Inc., today announced the closing of a $20 million Series D financing to further the development of antiviral therapeutics based on Viral Decay Acceleration TM. The financing was led by Pacific Horizon Ventures and joined by Asset Management Company.
The Series D financing will support Phase 2a proof-of-concept studies for the Company's lead product candidate, KP-1461, a novel, oral small-molecule therapeutic that works through Viral Decay Acceleration™ (VDA) for the treatment of human immunodeficiency virus (HIV) infection. The first of two planned Phase 2a trials is now underway, and the Company targets completion of the trials in 2008.
"The Phase 2a trials are designed to confirm the therapeutic effect of VDA and validate KP-1461 as an anti-HIV drug suitable for late-stage clinical development," said Donald Elmer, Pacific Horizon Ventures managing partner and interim CEO of Koronis.
"As a novel drug mechanism against serious viral infections, VDA is an approach that has the potential to significantly change the current treatment paradigm."
"KP-1461 has demonstrated the potential to ablate HIV infection in vitro and was generally safe and well tolerated in Phase 1 trials," said Stephen Becker, M.D., Chief Medical Officer of Koronis. "We look forward to the advancement of these trials at clinical sites throughout the country and are hopeful results will support the positive findings demonstrated in preclinical studies."
About Viral Decay Acceleration™
VDA is a novel therapeutic mechanism with application against HIV and other viral infections. VDA increases the virus' naturally high mutation rate, causing an accumulation of mutations within the viral genome. This leads to impaired viral function and collapse of the viral population. Unlike conventional antiretroviral agents, KP-1461's action does not directly inhibit viral enzymes, a feature which may significantly limit the virus' ability to develop resistance against the drug.
Koronis Pharmaceuticals, Inc. is a privately held biotechnology company developing antiviral therapeutics based on a novel mechanism, Viral Decay Acceleration (VDA). In addition to the Company's lead product candidate, KP-1461 for AIDS/HIV, the Company has products in development for the treatment of hepatitis C and RSV. For more information on Koronis, please visit www.koronispharma.com.
About Pacific Horizon Ventures
Pacific Horizon Ventures is a Seattle-based, early-stage venture capital firm concentrating on commercial development of novel technologies for biopharmaceutical and biomedical products. Since 1993, PHV has invested in emerging life science companies across the United States. More information about PHV can be found at www.pacifichorizon.com.
About Asset Management Company
Asset Management Company is one of Silicon Valley's oldest venture capital firms. Established in 1965 by Pitch Johnson, AMC has been a leading early-stage venture investor for over 4 decades, investing in more than 240 early-stage companies, with numerous successes in both life sciences and information technology. More information about AMC can be found at www.assetman.com.
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