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Press Release
AmpliMed™ Corporation Raises in excess of $5 Million in Series A Financing
Funding will be used for clinical development of novel cancer drug, Amplimexon™.
Tucson, AZ, September 16, 2003 – AmpliMed Corporation, a privately owned, Tucson-based pharmaceutical company dedicated to the development of novel cancer chemotherapies, today announced the completion of a Series A Preferred private placement of more than $5 million. Led by Valley Ventures III, LP, the company's first institutional round of investors includes Biotech Insight Management (Pebble Beach, California), Invest Bio (New York), Solstice Capital (Tucson/Boston) and others. The Series A funds will be used primarily for the clinical development of the company’s lead cancer drug, Amplimexon (Imexon), and to move other cancer drugs from the company’s portfolio into the clinic.
AmpliMed, a University of Arizona-based, Arizona Board of Regents-approved pharmaceutical company, was founded with the support of the University of Arizona Technology Development Corporation 12 years ago. The company’s drug portfolio includes more than 180 unique compounds, some of which have exhibited the potential to avoid some of the common toxicities of current anticancer drugs and overcome multi-drug resistance, which often defeat current cancer chemotherapy. In limited clinical trials Amplimexon has been shown to exhibit evidence of clinical activity in cancer patients, without certain side effects, which often limit the utility of other cancer drugs. Amplimed will expand on and confirm these findings in its planned clinical studies.
"The successful funding of AmpliMed is a tribute to the leadership and foresight of the officials of the University of Arizona and the Arizona Board of Regents," said Evan Hersh, MD, president and chief executive officer of AmpliMed. "It is likely that this investment will result in the establishment of a significant Arizona-based pharmaceutical company devoted to the development of drugs to fight cancer."
"We are very excited to be taking our lead product, Amplimexon, into the clinic because this drug has a novel mechanism of action, giving it the potential to avoid some of the significant side effects associated with other types of cancer therapy," said Bob Dorr, PhD, chief scientific officer of AmpliMed. "With this new funding, we can aggressively target the clinical development of Amplimexon in three resistant tumor types: malignant melanoma, pancreatic adenocarcinoma and multiple myeloma. If Amplimexon is shown to be safe and effective, then it could offer some new hope for patients with these devastating malignancies."
If successful in the development and approval of its drug portfolio, AmpliMed will participate in an oncology drug market that continues to exhibit robust growth. Worldwide sales of oncology drugs were estimated to exceed $13 billion in 2001. Several chemotherapy drugs are in the blockbuster status with $1 billion or more per year in revenues.
"We are delighted to support AmpliMed, as the company couples extraordinary scientific talent with a unique drug portfolio and a lead drug, Amplimexon, that has both orphan drug designation for various indications and FDA approval to proceed to the clinic for testing," added Larry Aldrich, general partner of the Scottsdale and Tucson-based Valley Ventures. "Moreover, Amplimexon already has been safely delivered to humans, so we are optimistic for clinical success in the near future which can provide the basis to build a financially strong, Arizona-based, pharmaceutical company."
"The citizens of the State of Arizona can be very proud of the accomplishments of the outstanding group of scientists and doctors who have created this dynamic company, and Biotech Insight Management is pleased to participate in its funding," commented Joel Smolen, general partner at Biotech Insight Management "The drug pipeline created by AmpliMed to treat cancer has the potential to save thousands of lives and their business model represents a unique opportunity for cutting-edge biotechnology companies to locate in Arizona."
The initial board of directors of AmpliMed shall consist of founders Evan Hersh MD and Robert Dorr PhD along with Terry Winters PhD, Ron Garren MD and Harry George, who will represent the investors. In addition Randy Steer MD, PhD and one other independent director with industry-relevant experience will be appointed along with the incoming chief executive officer.
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For additional information about AmpliMed Corporation, please contact Mr. Wayne Morrison at (520) 529-1000.
AmpliMed®, Amplimexon® and Amplizone™, are United States trademarks of AmpliMed Corporation.
