CARLSBAD, Calif., Sept. 16, 2014 /PRNewswire/ -- Colorescience today announced the successful completion of a $15 million Series B Preferred Stock Offering at $1.14 per share, a 20% increase from its last round. The Series B round was lead by Longwood Fund with existing investors contributing $7.5 million.
"We are honored to add Longwood to our impressive list of investors and are very pleased at the level of participation from our existing investors which resulted in the financing being significantly over-subscribed. We look forward to deploying the capital in a number of domestic and international initiatives that are expected to significantly accelerate the growth of the business," stated Mary Fisher, Chief Executive Officer of Colorescience. "We continue to be encouraged by the support of our Board and investors, and are very pleased to add a seasoned executive, Rich Aldrich of the Longwood Fund, to our Board of Directors."
Mr. Aldrich is a co-founder and Partner of Longwood Fund. He has also co-founded and helped build several successful biotech companies, including Sirtris Pharmaceuticals (acquired by GlaxoSmithKline in 2008) and Concert Pharmaceuticals, where he serves as Chairman of the Board of Directors, as well as Longwood portfolio companies, Alnara Pharmaceuticals (acquired by Eli Lilly in 2010), Verastem, OvaScience, where he serves as Chairman of the Board, and FlexPharma. Mr. Aldrich also serves as a Director of Longwood portfolio companies PTC Therapeutics, and Mitokyne, Inc. Prior to co-founding Longwood, he was General Partner of RA Capital, a biotechnology investment fund he co-founded in 2001. Mr. Aldrich was also a founding employee of Vertex Pharmaceuticals where he held the position of Senior Vice President and Chief Business Officer and managed all commercial and operating functions from 1989 to 2001. Prior to joining Vertex, Mr. Aldrich held several management positions at Biogen, Inc. Mr. Aldrich serves on the Board of the Massachusetts Eye & Ear Infirmary and the Greater Boston YMCA. Mr. Aldrich received his undergraduate degree from Boston College, and an MBA from the Amos Tuck School at Dartmouth College.
Mr. Aldrich will be joining Board Chairman, David Hale, CEO, Hale BioPharma Ventures; Colorescience CEO, Mary Fisher; Josh Baltzell, Principal, Split Rock Partners; George Jenkins, President, Merritt Capital Corporation representing Apax Excelsior; Dr. James Cavanaugh, Managing Partner, HealthCare Ventures; Howard Palefsky, Managing Director, Montreux, Brian Dovey, partner, Domain Associates; and Lynelle Lynch, President, Bellus Academy, on the Colorescience Board of Directors.
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Sunforgettable is a registered trademark of Colorescience. The line is comprised of mineral sun protection products that offer a high level of Broad Spectrum UVA/UVB sun protection, SPF 30, 35 and 50. All products are easy to apply and reapply throughout the day and help protect against the sun's harmful rays and diminish the signs of aging.
About Longwood Fund
Longwood Fund is a healthcare venture capital firm that founds, manages, and builds healthcare companies. Longwood's mission is to identify technologies and to found companies that will advance new therapeutics that can not only make a difference in the lives of patients worldwide, but also create significant value for investors. This is achieved by leveraging the management team's history of successful healthcare company formation and operational leadership. Longwood's portfolio includes Alnara Pharmaceuticals, Inc., which was acquired by Eli Lilly in 2010, Verastem, Inc., a healthcare company focused on discovering and developing novel drugs that selectively target cancer stem cells, OvaScience, Inc., a healthcare company focused on translating new science into fertility treatments for women, IlluminOss Medical, a device company dedicated to bringing minimally invasive solutions for the stabilization and treatment of bone fractures to market, PTC Therapeutics, a healthcare company focused on the discovery and commercialization of orally active small molecule therapeutics, Mitokyne, Inc., a healthcare company focused on mitochondria-related drug discovery and development, Calithera Biosciences, Inc., a healthcare company that's discovering and developing novel small molecule oncology therapeutics that inhibit pathways critical to tumor growth and survival, Flex Pharma, a healthcare company, focused on developing clinically proven treatments for muscle cramps and spasms, and Colorescience, a skincare company that develops and markets scientifically based, proprietary products that treat sun damaged skin, as well as protect the skin from the damaging effects of the sun, the environment and aging. Members of the Longwood team have founded and built several successful healthcare companies including Momenta Pharmaceuticals, Inc., Alnylam Pharmaceuticals, Inc., and Sirtris Pharmaceuticals, Inc.