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Zelos Therapeutics Raises $42.5 Million Financing
- Company Reports Progress for Two Clinical Programs -
OTTAWA, Ont. and WALTHAM, Mass. - May 18, 2005 - Zelos Therapeutics announced that it has completed a Series B financing round that brought US $42.5 million of new funding to the Company.
The investment syndicate was lead by Alta Partners and included participation from other new investors, Prospect Venture Partners, Frazier Healthcare Ventures, SR One and the Ontario Teacher's Pension Plan. Zelos' existing investors, VenGrowth Private Equity Partners Inc., Genesys Capital Partners Inc., Seaflower Ventures and the Business Development Bank of Canada also invested in the round. Ferghana Securities acted as sole manager and exclusive financial advisor to Zelos for this financing.
"We believe Zelos has identified a novel drug candidate that could be a "best-in-class" PTH analogue to treat osteoporosis," commented Farah Champsi, a Director at Alta Partners. "The early clinical data is promising. Also, we were impressed by the scientific data supporting its potential in other indications."
"Our Series B financing provides us with sufficient capital to achieve several key corporate milestones. We anticipate that our current resources will enable us to complete Phase II clinical trials for both our lead osteoporosis candidate, Ostabolin-C(TM), and our second PTH analogue program, for the topical treatment of psoriasis as well as to advance our remaining two programs into the clinic," stated Robert (Duffy) DuFresne, Zelos' Chief Executive Officer. "We are extremely pleased that this group of blue-chip venture capital firms has chosen to invest in our Series B round, and we welcome the new members joining our Board of Directors."
Concurrent with the financing, Zelos added four new members to its Board of Directors: Farah Champsi, Director of Alta Partners; Alex Barkas, Ph.D., Managing Director of Prospect Venture Partners; Maxine Gowen, Ph.D., Managing Partner of SR One; and James N. Topper, M.D., Ph.D., General Partner of Frazier Healthcare Ventures.
Clinical Programs Update
The lead program for the Company, a next-generation PTH analogue (Ostabolin-C™ s.c. injection) for the treatment of osteoporosis, recently began a Phase II clinical trial. Approximately 250 patients will receive daily injections of one of four doses of Ostabolin-C™ or placebo for four months in 25 centers located in the US and Canada.
In addition to standard safety assessments, changes in vertebral bone mineral density and serum markers of bone formation and bone resorption will be monitored in all patients. Zelos has previously completed three Phase I trials for the drug involving approximately 100 patients.
Zelos' second program, a topical formulation of a PTH analogue for the treatment of psoriasis, recently began clinical development. The Company will be conducting a 21 day Phase I irritation trial in the near future.
About Zelos
Zelos Therapeutics Inc. is a private biopharmaceutical development company that is commercializing breakthrough discoveries in Parathyroid Hormone (PTH) research. Product programs include the development of a next-generation PTH analogue, Ostabolin-C™, for the treatment of osteoporosis and the development of another PTH agonist formulation for the topical treatment of psoriasis. The Company also has a collaboration with Nektar Therapeutics for the development of a pulmonary formulation of Ostabolin-C™ for the treatment of osteoporosis. Zelos maintains administrative offices in Waltham, Mass. and research facilities in Ottawa, Ontario.
About Alta Partners
Alta Partners is a venture capital firm founded in 1996, currently managing seven venture fund programs aggregating approximately $1.5 billion in committed capital. Alta has funded approximately 130 life sciences and information technology companies to date. The firm invests in both early and later stage companies, through separate stage-specific funds. Alta Partners is a successor to Burr, Egan, Deleage & Co., which was founded in 1979.
