Peptimmune Announces First Close of Series D Private Financing

Jan 17, 2008, 00:00 ET from Peptimmune, Inc.

    CAMBRIDGE, Mass., Jan. 17 /PRNewswire/ -- Peptimmune, Inc., a privately
 held biotechnology company, announced that it has completed a first close
 of $8.2 million of a Series D preferred stock offering with its investor
 syndicate led by New Enterprise Associates, MPM Capital, Hunt Ventures
 L.P., Boston Medical Investors and Silicon Valley Bank Capital, as well as
 certain other investors, including its Chairman of the Board. The Company
 expects a second close in Q2/2008, which may involve an additional new
 investor. The proceeds of the financing are primarily being used to advance
 clinical development of Peptimmune's PI-2301 for the treatment of multiple
     "We are pleased with the level of continuing support from our existing
 investors and the opportunity to expand our syndicate," stated Thomas P.
 Mathers, President and CEO. "The Series D investment will provide the
 necessary capital to complete two clinical trials by the end of 2008: the
 current single ascending dose in healthy volunteers and a multiple
 ascending dose in multiple sclerosis patients, expected to start in Q2/08.
 The completion of these two studies will offer proof of principal for
 PI-2301, which is a second generation copolymer targeted at treating
 patients with relapsing and remitting multiple sclerosis."
     Financing Two Clinical Trials in Multiple Sclerosis
     Peptimmune is currently completing its Phase I single ascending dose
 study for PI-2301, a double blind placebo controlled randomized study that
 involves 56 healthy male volunteers who will receive the drug in eight
 escalating dose cohorts. Following establishment of safety at potentially
 therapeutic doses, the Company will initiate its first repeat dose study in
 multiple sclerosis patients in Q2/2008, where it will explore safety,
 pharmacokinetics and pharmacodynamics over eight to twelve weeks of dosing.
     About PI-2301
     PI-2301 is a second generation peptide copolymer from a similar
 compound class as Copaxone(R) (Teva Pharmaceuticals). PI-2301 works through
 immune modulation by enhancing the regulatory response of the immune system
 to control the pathogenic autoimmune response in certain diseases. PI-2301
 has been optimized using Peptimmune's novel platform peptide chemistry and
 in pre-clinical studies, has shown to be more potent and effective than
 Copaxone in treating disease models for multiple sclerosis. It is expected
 that weekly dosing administration with PI-2301 will provide greater patient
 convenience and tolerability over Copaxone's daily dosing administration.
 PI-2301 has also shown efficacy in pre-clinical models of autoimmune
 diseases where immune modulation may be effective, such as Crohn's disease,
 rheumatoid arthritis and autoimmune uveitis. Peptimmune has also introduced
 highly reproducible manufacturing methods that allow very strict control
 and characterization of PI-2301 and should provide a superior level of
 batch to batch consistency.
     Information on Multiple Sclerosis
     Over 400,000 Americans have multiple sclerosis (MS), and worldwide MS
 may affect over 2.5 million individuals. MS is an autoimmune disease in
 which the individual's immune system responds against multiple components
 of nerve-insulating myelin. The effects of these immune-mediated attacks
 can range from relatively benign to somewhat disabling to devastating, as
 communication between the brain and other parts of the body is disrupted.
     About Peptimmune
     Peptimmune, Inc. is a privately held clinical stage biotechnology
 company focused on the development of peptide therapies to improve the
 management of chronic autoimmune and inflammatory disorders. The Company is
 in clinical development with second-generation therapeutics that are
 expected to result in safer and more effective products for multiple
 sclerosis and pemphigus vulgaris. Current investors include New Enterprise
 Associates, MPM Capital, Hunt Ventures, Boston Medical Investors, and
 Silicon Valley Bank Capital. For additional information, access our website
 at, or contact Dustan Bonnin at (617) 715-8043.

SOURCE Peptimmune, Inc.