SAN JOSE, Calif., Aug. 2 /PRNewswire/ -- Edison Pharmaceuticals, Inc.,
a privately held biotechnology company located in San Jose, CA, announced
today, the close of $4.25M Series B Preferred Stock Offering. The financing
was led by Mr. Carl Berg, Berg & Berg Enterprises, LLC. New investors
include John W. Marriott, III, President and CEO of JWM, LP, and JWM Family
Enterprises. Terms of the financing were not disclosed.
Edison's initial clinical focus is inherited mitochondrial diseases.
These indications represent an attractive therapeutic starting point given
the orphan nature of the clinical populations and applicability of Edison's
redox drugs to these conditions.
"With a strong balance sheet, development partners, and technology
alliances in place, Edison is well positioned to execute on its plan,"
stated Guy Miller, MD, PhD, Chairman and CEO of Edison Pharmaceuticals.
"Capital derived from this financing will allow us to broaden our orphan
mitochondrial drug mission, and explore utility in non-orphan ischemic,
inflammatory, metabolic and neurodegenerative diseases where the role of
redox therapeutics and mitochondrial mechanisms are suggested, but not yet
successfully reduced to practice."
Capital raised from the Series B financing will be used to expedite the
translation of three pre-clinical compounds into development. Edison
anticipates, through its recently announced partnership with Penwest
Pharmaceuticals, that Penwest will advance its first drug candidate,
EPI-A0001, into clinical development in early 2008. Additional late stage
pre-clinical compounds are anticipated to enter development for orphan
inherited mitochondrial diseases in 2008 and 2009.
While antioxidants have been recognized for their generalized health
and anti-aging benefits, there has been an inability to translate this
important class of compounds to effective drugs. Edison is addressing this
need by reverse-engineering antioxidants to improve upon their redox and
pharmacological properties. Edison's first clinical development effort has
centered on the coenzyme Q10 chemical template, given its pivotal role in
mitochondrial function and clinical data suggesting utility in multiple
mitochondrial diseases. The company is advancing additional redox-templates
through its discovery pipeline.
About Edison Pharmaceuticals
Edison Pharmaceuticals, Inc., a privately held biotechnology company,
based in Silicon Valley at the San Jose BioCenter, is focused on drugs
targeting the mitochondria -- the cell's energy center. Edison's technology
platform consists of a specialized knowledge in redox therapeutics and
translational pharmacology, pivotal to targeting cellular energy
metabolism. The Company's initial focus is on inherited diseases of the
mitochondrial respiratory chain, and leveraging insights derived therein,
to pursue non-orphan diseases that share common mechanisms. Edison has
obtained substantial peer-reviewed grants from multiple foundations and the
SOURCE Edison Pharmaceuticals, Inc.