Koronis Pharmaceuticals Raises $20 Million

Series D to Fund Phase 2 Proof-of-Concept Trials of HIV Therapeutic

    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
 preclinical studies."
     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.
     About Koronis
     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
 http://www.koronispharma.com.
     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
 in
     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
 http://www.assetman.com.
 
 

SOURCE Koronis Pharmaceuticals, Inc.