DOV Pharmaceutical, Inc. Completes $7 Million Private Placement
HACKENSACK, N.J., Jul 6, 2000 /PRNewswire via COMTEX/ -- DOV Pharmaceutical,
Inc. today announced the completion, during June 2000, of a Series C Convertible
Preferred Stock financing. The $7 million financing will fund the continued
development of DOV's lead neuropsychiatric compounds and an anti-angina
formulation. The Biotechnology Value Fund, L.P., its affiliates and investment
funds managed by Reservoir Capital Group, L.L.C. led the financing. Aurora
Capital LLC served as the placement agent in connection with this transaction.
"The current financing will allow us to move the remaining two of our five
compounds into active development," said Arnold Lippa, Ph.D., Chief Executive
Officer of DOV. "We are especially pleased to add the strength of Biotechnology
Value Fund and Reservoir Capital Group to our institutional shareholder base."
DOV Pharmaceutical, Inc. is a privately-held pharmaceutical development company
focused primarily in the neuropsychiatric field. The Company has licensed its
sleep-promoting compound, which is undergoing Phase I/II testing, to Neurocrine
Biosciences, Inc. DOV has separately formed a partnership with an international
specialty pharmaceutical company for the development of its non-sedating
anxiolytic and novel analgesic; both of which are undergoing phase II clinical
studies. In addition to these programs, DOV is initiating clinical studies of a
broad-spectrum anti-depressant with potential for the treatment of alcohol and
drug abuse and its proprietary, anti-angina drug formulation. DOV is actively
seeking additional in-license opportunities as well as partnering opportunities
for its current portfolio of compounds. |
