SEATTLE, June 28 /PRNewswire/ -- 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(TM)
(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
About Viral Decay Acceleration(TM)
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 anti-viral therapeutics based on Viral Decay Acceleration(TM).
In addition to the Company's lead product candidate, KP-1461 for AIDS/HIV,
the Company has programs directed toward the development of therapeutics
for hepatitis C and RSV. For more information on Koronis, please visit
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
emerging life science companies across the United States. More
information about PHV can be found at http://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
SOURCE Koronis Pharmaceuticals, Inc.