PTC Therapeutics Closes $30 Million Financing
SOUTH PLAINFIELD, N.J., July 23, 2012 /PRNewswire/ -- PTC Therapeutics, Inc. (PTC) today announced the completion of a $30 million financing. The round included a number of long-term investors such as Credit Suisse First Boston Equity Partners, HBM BioVentures, Vulcan Ventures, Celgene, Delphi Ventures, The Column Group, Novo A/S, and other existing investors.
"This funding will support our continued late-stage clinical development of ataluren in nonsense mutation Duchenne and Becker muscular dystrophy and nonsense mutation cystic fibrosis," stated Stuart W. Peltz, Ph.D., Chief Executive Officer, PTC Therapeutics, Inc. "This is our first equity financing round in over two years, and serves as an important validation of the ataluren program and our commitment for its further development."
PTC recently announced results from a Phase 3 study of ataluren, an investigational new drug, in patients with nonsense mutation cystic fibrosis. An extension study for patients previously enrolled in the trial is ongoing. An open-label trial for Duchenne and Becker muscular dystrophy patients who received ataluren in a prior, PTC-sponsored clinical study is also ongoing while PTC continues the dialogue with regulatory authorities regarding next steps in ataluren's development. In both Duchenne and Becker muscular dystrophy and cystic fibrosis, ataluren has demonstrated clinically meaningful trends in the primary endpoints and in supporting secondary endpoints. It was generally well tolerated; serious adverse events were infrequent and not considered to be related to the drug. PTC owns the worldwide rights for ataluren across all indications.
About PTC Therapeutics, Inc.
PTC is a biopharmaceutical company focused on the discovery, development and commercialization of orally administered small-molecule drugs that target post-transcriptional control processes. Post-transcriptional control processes regulate the rate and timing of protein production and are of central importance to proper cellular function. PTC's internally discovered pipeline addresses multiple therapeutic areas, including rare genetic disorders, oncology and infectious diseases. PTC has developed proprietary technologies that it applies in its drug discovery activities and that have served as the basis for collaborations with leading biopharmaceutical companies such as AstraZeneca, Celgene, Genzyme, Merck, Pfizer and Roche. For more information, visit the company's website at www.ptcbio.com.
SOURCE PTC Therapeutics, Inc.