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Phenomix Closes Series B Financing at $40 Million
24 / 05 / 2005
San Diego, CA - Phenomix Corporation, a drug discovery and development company, announced today the closing of a $40 million private placement of its Series B preferred stock, bringing the total amount raised since inception to $65.5 million. New investors JPMorgan Partners and Delphi Ventures co-led the financing. New investor, Baker Brothers Investments, joined existing investors Alta Partners, Sofinnova Ventures, Bay City Capital, CMEA Ventures, GBS Venture Partners and Novartis BioVenture Fund. In conjunction with the financing, Phenomix named two new directors to its board, Srinivas Akkaraju, M.D., Ph.D., General Partner of JPMorgan Partners and Deepa Pakianathan, Ph.D., General Partner of Delphi Ventures. Proceeds from the financing will be used to advance Phenomix' therapeutic programs in metabolic syndrome and immune disease.
"The financial backing from this outstanding group of investors will enable us to advance our lead drug candidates into human trials," said Laura K. Shawver, Ph.D., chief executive officer and president of Phenomix. "Phenomix benefits from the strong counsel of the company's directors, I am happy to welcome both Drs. Akkaraju and Pakianathan and look forward to working with the entire Phenomix board as we continue the progress into clinical programs."
"Phenomix' experienced management team has been instrumental in driving the company's drug development efforts, and I look forward to participating on the board of directors said Dr. Pakianathan." "Phenomix is at an exciting stage of development with two preclinical candidates slated to enter human clinical trials," said Dr. Akkaraju.
"The financial backing from this outstanding group of investors will enable us to advance our lead drug candidates into human trials," said Laura K. Shawver, Ph.D., chief executive officer and president of Phenomix. "Phenomix benefits from the strong counsel of the company's directors, I am happy to welcome both Drs. Akkaraju and Pakianathan and look forward to working with the entire Phenomix board as we continue the progress into clinical programs."
"Phenomix' experienced management team has been instrumental in driving the company's drug development efforts, and I look forward to participating on the board of directors said Dr. Pakianathan." "Phenomix is at an exciting stage of development with two preclinical candidates slated to enter human clinical trials," said Dr. Akkaraju.