BioMedicines, Inc. Raises $38 Million from European and US Investors
Capital Will Be Used to Support Current Late-Stage Clinical Development Activities and to Fund Product Acquisitions
ALAMEDA, Calif., September 25, 2000 - BioMedicines, Inc., a leader in the newly emerging field of redirected drug development, today announced that it has closed a $38 million mezzanine round of financing. Bay City Capital BD LLC acted as advisor to the company.
New European investors include Pictet Global Sector Fund Biotech and Lombard Odier & Cie while new U.S. investors include Bay City Capital Fund II. All of BioMedicines' prior investors, including Alta Partners, Brentwood Associates, Delphi Ventures, and InterWest Partners also participated in this round.
"We are pleased by the results of the current financing," said Dr. Mark Moran, founder and Chief Executive Officer of BioMedicines. "BioMedicines is now a firm with an international presence. We have active drug development programs and major corporate partners in both Europe and the United States. We very much appreciate the recognition and support of these efforts by our investors."
BioMedicines is a biopharmaceutical company that acquires, develops and commercializes drug candidates for which the company has identified alternative or improved development strategies. The company applies proprietary algorithms to chemical, biological and clinical databases to identify opportunities to acquire drug candidates in which other companies have previously made substantial investments in development. BioMedicines invents new uses, redirects development of drugs to these new indications, or otherwise solves previously intractable developmental problems. The company also applies newly emerging drug delivery technologies to its drugs, further enhancing the commercial potential of its product candidates.
The company believes that its proprietary methodology yields valuable insights that permit BioMedicines to acquire, develop and commercialize its product candidates more rapidly and with significantly lower costs than traditional approaches to drug development. Using its algorithms, BioMedicines has generated a number of opportunities to acquire drug candidates and to redirect product development toward new and more valuable indications and to expand development to new but related indications representing an enlarged market potential.
Chairman Brian Atwood said, "The BioMedicines strategy is both innovative and cost-effective. The company has rapidly built a portfolio of products that are now entering late-stage development, and our new investors have recognized the unique potential represented by BioMedicines."
BioMedicines' current portfolio focuses on cancer and infectious diseases and consists of three clinical stage drug candidates and two preclinical compounds. The company has redirected development to new or additional indications for each product. The company has filed three U.S. INDs and has initiated clinical testing in both Europe and the United States. The company has development and/or commercialization agreements with Boehringer Ingelheim Pharma International GmbH, Schering AG, and G.D. Searle & Co. BioMedicines is headquartered in Alameda, California. More information about the company is available at www.biomedicinesinc.com.