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.
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.
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 http://www.peptimmune.com, or contact Dustan Bonnin at (617) 715-8043.
SOURCE Peptimmune, Inc.