MetaPhore Pharmaceuticals Raises Further $13 Million
Developing New Class of Antioxidant Drugs to Treat Wide Range of Diseases
ST. LOUIS, Dec. 28 /PRNewswire/ -- Privately held MetaPhore
Pharmaceuticals announced today that it has completed a $13 million Series B
private funding round in a placement of preferred stock. To date, MetaPhore
has raised more than $20 million through two rounds of private funding.
The company is developing a proprietary family of drugs potentially able
to combat a wide range of diseases and conditions more effectively and with
fewer side effects.
Included are diseases associated with aging such as autoimmune disorders
like Parkinson's and rheumatoid arthritis, multiple types of cancer, as well
as conditions such as pain and inflammation.
The drugs are based on a group of metal compounds that mimic the body's
primary, anti-oxidant defense mechanism -- a family of enzymes called
superoxide dismutase (SOD), an essential protein mapped in the body's DNA.
The company holds patents on the compounds.
When the body produces too much of an oxygen-derived molecule called a
superoxide or free radical, cell structures and even genes are damaged -- much
like oxidation causes metal to rust.
The SOD enzyme removes superoxide free radicals by converting them into
hydrogen peroxide and oxygen. Hydrogen peroxide is critical to the healthy
functioning of white blood cells. It also plays a role in the normal process
of cell death, known as apoptosis.
MetaPhore is exploring the use of its SOD mimic as a means of killing
malignant cancer cells by triggering apoptosis. Malignant cancer cells, which
are deficient in SOD enzyme, are essentially immortal cells that multiply and
spread throughout the body.
The company's first drug candidate is targeted at cancer, where it is
proceeding toward an Investigational New Drug (IND) submission to the FDA by
year-end. The second drug candidate, for acute and chronic pain, is expected
to move into clinical trials in the first half of 2001.
"SOD mimetics have major medical potential, based on the growing body of
antioxidant and disease research. For more than twenty years, we have
understood the free radical fighting power of the body's natural SOD enzyme,
but until recently, we have been unable to reproduce the beneficial effect in
a stable and selective drug form," said Dennis Riley, MetaPhore's Vice
President of Research & Development.
Background on MetaPhore and its SOD Mimic
Just like the antioxidant vitamins E and C, MetaPhore's SOD mimetics
remove free radicals. However, the metal-based mimetic compounds do so at a
greatly enhanced rate (mopping up more than 20 million superoxide molecules
per second) and in a very selective manner. Unlike naturally derived SOD
enzyme, the metal-based mimetic is well suited for use as a drug because it
has a much lower molecular weight, is much more stable, has a longer
half-life, and does not appear to elicit an immune response in the body.
Attempts to use natural, bovine-derived SOD enzymes in clinical
applications were frustrated by the natural form's inherent instability and
the body's allergic reaction to its introduction. It also had a very short
half-life, lasting intact in the body only about fifteen minutes.
Numerous animal studies over the last few years have confirmed the disease
fighting potential of MetaPhore's SOD mimetics. The October 1999 issue of
Science published research documenting that MetaPhore's SOD mimetic
substantially reduced tissue damage due to inflammation and reperfusion -- the
latter involving the return of blood flow to an organ following removal of
blockade, such as after a heart attack.
A study published in the Proceedings of the National Academy of Sciences
in August 2000 indicated potential new treatments to counter the perplexing
and often fatal blood pressure drop that accompanies septic shock. The
company has also recently announced that it has received a Small Business and
Innovation Research grant from the National Institutes of Health (NIH) to
conduct studies aimed at developing potential new treatments for managing
acute and chronic pain.
Among the other areas where MetaPhore is moving its SOD mimetics program
forward are dermatitis, rheumatoid arthritis and stroke. The company believes
its novel approach could result in treatments with unmatched therapeutic
value, either on their own or as adjunct therapy with existing medications,
and with minimal side effects.
Included in the second round of financing, led by Stifel Nicolaus CAPCO
Fund, are Clayton Capital, Gryphon Holdings and MetaPhore's original investor
Belleau Development.
Statements in this press release that are not strictly historical are
"forward looking" statements as defined in the Private Securities Litigation
Reform Act of 1995. The actual results may differ from those projected in the
forward looking statement due to risks and uncertainties that exist in the
company's operations, development efforts and business environment.
CONTACT: Punnie Donohue for MetaPhore Pharmaceuticals, 314-290-2014, or
pdonohue@kupperparker.com.
SOURCE MetaPhore Pharmaceuticals |
