WATERTOWN, Mass., Jan. 14 /PRNewswire/ -- Enanta Pharmaceuticals today
announced new senior management and additional funding of $12 million to
advance the company's lead macrolide antibiotic program into the clinic for
the treatment of community acquired respiratory tract infections.
"Enanta's chemistry and drug discovery teams have created a promising
pipeline of first generation bridged bicyclic macrolide and ketolide
antibiotics to overcome the growing threat of bacterial resistance in the
treatment of respiratory tract and hospital acquired infections," stated Jay
Luly, Ph.D., Enanta's new President and CEO. "This is truly an exciting time
to join Enanta as we are focused on bringing our first antibiotic candidate
into clinical trials this year, a community antibiotic with a billion dollar
market potential. Beyond that, we have a deep pipeline of discovery and
preclinical stage projects, representing numerous additional product
opportunities for potential partnering."
Dr. Luly joined Enanta in July, 2003, bringing over 20 years of experience
in large pharma, mature biopharmaceutical and early-stage biotech environments.
In March, 2002, he joined Oxford Bioscience Partners as an Entrepreneur in
Residence. Prior to joining Oxford, Dr. Luly held the positions of Senior
Vice President, R&D Operations and Senior Vice President, Discovery Strategy
and Operations at Millennium Pharmaceuticals, following the Company's merger
with LeukoSite, Inc., where he served as Senior Vice President, Drug Discovery
and Pre-Clinical Development. Prior to joining LeukoSite, he held a number of
senior drug discovery positions at Abbott Laboratories from 1983 to 1997. Dr.
Luly earned a B.S. from the University of Illinois, Urbana/Champaign and a
Ph.D. in synthetic organic chemistry from the University of California,
Paul Mellett has also recently joined the company as Chief Financial
Officer. Paul brings over 25 years of financial experience to the company.
From April 2001 through August 2003, he held the position of Senior Vice
President and Chief Financial Officer of Essential Therapeutics, Inc., a
publicly-held biotechnology company. From 1997 to 2000, Mr. Mellett was the
Chief Financial Officer and Vice President of Administration at GelTex
Pharmaceuticals, Inc., a publicly-held biotechnology company acquired by
Genzyme Corporation in December 2000. Mr. Mellett received a BS in Business
Administration from Boston College.
Enanta has secured $12 million in financing with participation from
existing investors, including Techno Venture Management, Oxford Bioscience
Partners, Advent International, BioVentures Investors, NIB Capital, Global
Biomedicine, Swiss Life Private Equity Partners, Wheatley MedTech Partners and
Yasuda Enterprise Development. Enanta will also be providing an update on the
progress of its novel macrolide programs with a presentation at the JPMorgan
conference on January 15, 2004 in San Francisco. "We believe that this
financing will allow us to continue developing the product candidates in our
macrolide program as well as advance several novel compounds toward the clinic
for multiple indications," commented Mr. Mellett.
Enanta Pharmaceuticals is using its cutting-edge chemistry technology and
drug discovery capabilities to create best in class small molecule drugs. The
company is initially focused on building a pipeline of first generation
bridged bicyclic macrolide and ketolide antibiotics to combat bacterial
resistance in the treatment of respiratory tract infections (RTI) and hospital
borne diseases. Enanta also collaborates with pharmaceutical and biotechnology
partners to leverage the company's chemistry expertise across a broad range of
therapeutic areas. Enanta is a privately held company with offices in
Watertown, MA. More information about the company can be found at
Paul Mellett, Enanta Pharmaceuticals
(617) 607-0761 - firstname.lastname@example.org
Kari Lampka, MacDougall BioCommunications
(508) 647-0209 - email@example.com
SOURCE Enanta Pharmaceuticals