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AGI Therapeutics announces Completion of First Round Financing
Dublin, Ireland, May 11th, 2004: AGI Therapeutics Ltd., a development stage speciality pharmaceutical company focused in gastroenterology, announced today the successful completion of its first funding round in which it raised €9.5 million ($12 million) in a private offering. The money raised will enable the company to continue with the development of its six lead pipeline products and initiate Phase II clinical trials.
The financing was led by ACT Venture Capital, with a €3.5 million investment, supported by Seroba BioVentures, with investors Delta Partners and Merlin Biomed Group.
AGI Therapeutics was established by a group of former senior executives of Elan Corporation plc., led by Dr. John Devane. Dr. Devane held a number of senior management positions with Elan over a twenty year career, most recently as Executive Vice President of Research & Development, where he successfully directed the development and US regulatory approval of a number of key Elan projects. Dr. Devane also established a successful private pharmaceutical venture, Athpharma Ltd., which develops products for cardiovascular diseases. Dr. Mary Martin has joined AGI Therapeutics as Chief Operating Officer and will have overall responsibility for the direction of the company’s development projects. Dr. Martin has also held a number of senior research and management positions with Elan Corporation over a fifteen year period, most recently as Managing Director of the drug delivery research strategic business unit.
AGI Therapeutics announced that it will now pursue Phase II clinical studies on four of its pipeline products for their lead target indications, namely AGI-001 for non-ulcer dyspepsia (NUD), AGI-003 for irritable bowel syndrome (IBS), AGI-004 for functional diarrhoea and AGI-010 for the prevention of nocturnal acid breakthrough (NAB) in gastroesophageal reflux disease (GERD). The company will also commence initial clinical testing of its AGI-006 product in patients with diabetic gastroparesis. In addition, the company plans to conduct studies to investigate the efficacy of AGI-010 in Barrett’s esophagus, of AGI-001 in IBS and establish feasibility of AGI-022 for ulcerative colitis. Through its lead proton pump inhibitor-based AGI-010 programme, AGI Therapeutics expects to validate its CHRONAB formulation approach to reducing nocturnal acid breakthrough. AGI Therapeutics intends to apply CHRONAB to improve the clinical profile of other proton pump inhibitor drugs.
About AGI Therapeutics Ltd. (www.agitherapeutics.com)
AGI Therapeutics Ltd. is a speciality pharmaceutical company engaged in the development of innovative therapeutic products to treat a variety of gastroenterological diseases and disorders. The company’s current commercial and therapeutic focus is in functional disorders, such as irritable bowel syndrome, non-ulcer dyspepsia, functional diarrhoea and gastroparesis, acid disorders, such as gastroesophageal reflux disease and Barrett’s esophagus, and inflammatory disorders, such as ulcerative colitis and Crohn’s disease. AGI Therapeutics applies its KME™ model to identify and develop differentiated and proprietary therapeutic products with established safety profiles.
About ACT Venture Capital (www.actventure.com)
ACT Venture Capital is Ireland's leading independent venture capital management company. Founded as an independent operation in 1994, ACT invests primarily in Irish Information and Communications Technology and Life Sciences companies, with strong innovative technologies aimed at international markets and at various stages of development. ACT has a portfolio of over 30 such companies, and funds of EUR350 million under management.
About Seroba BioVentures(www.seroba.ie)
Seroba BioVentures was founded in 2002 to manage the Irish BioScience Venture Capital Fund and is the first venture fund in Ireland dedicated solely to the life science sector. It invests in early stage biotechnology, medical device and speciality pharmaceutical companies on the island of Ireland.
About Delta Partners (www.deltapartners.com)
Founded in 1994, Delta Partners is a venture capital company that invests in early stage technology and life sciences companies in Ireland and the rest of Europe. Total funds under management are in excess of EUR130 million. Based in Dublin, the team has made over 40 investments in early stage companies in recent years.
About Merlin Biomed Group (www.merlinbiomed.com)
Merlin BioMed Group invests globally in public and private healthcare companies, and is among the most successful healthcare asset management companies in the U.S. Founded in January 1998 by Dr. Stuart T. Weisbrod, Merlin BioMed Group has grown into a family of funds that encompasses hedge funds, a long-term capital appreciation fund and private equity funds, with assets totalling approximately $350 million.
Contact Information:
AGI Therapeutics Ltd.
Adelaide Chambers,
Peter St, Dublin 8
Ireland
Dr. Mary Martin
Chief Operating Officer
Phone: +353 1 449 3250
Email: mmartin@agitherapeutics.com
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