I guess we should rename the thread to Essential Therapeutics, Inc. Do you know how to do that?
Sorry, no. Could try contacting SI Admin. - or failing that start a new thread...
In the meantime -
BALTIMORE--(BW HealthWire)--Oct. 29, 2001--New Enterprise Associates (NEA) today announced that it has invested $20 million in Essential Therapeutics (Nasdaq: ETRX - news). Prospect Venture Partners and Schroder Ventures joined NEA for a total investment of $60 million in private equity. Essential Therapeutics was formed recently following the merger of Microcide Pharmaceuticals and Althexis Company. Mark Skaletsky will be Chairman and CEO of Essential Therapeutics.
Essential Therapeutics, with offices in Mountain View California and Waltham Massachusetts, is committed to the discovery, development and commercialization of new classes of pharmaceutical products. Essential Therapeutics' powerful target validation and drug discovery programs comprise a broad-based platform, including the Company's proprietary VALID Microbial Genomics technologies and its target validation system, known as ACTT. The Company's novel approach to structure-based drug design (SBDD) and related technologies guides the optimization of drug candidates prior to entry into more advanced preclinical testing and preparation for clinical testing.
``We're very pleased to be working with Mark Skaletsky again,'' said Charles W. Newhall III, Founder and General Partner of NEA. ``We successfully invested in Mark at Enzytech in 1987 and GelTex Pharmaceuticals in 1993 and know that he has the drive and talent to succeed.'' Mr. Newhall has joined the board of directors of Essential Therapeutics.
Mr. Skaletsky commented, ``Proceeds of the current financing will be used to further accelerate our promising research programs into development. We are confident that the integration of our powerful platform technologies, including ACTT target validation, the VALID genomics platform and our unique structure-based drug design capabilities, will breakthrough pharmaceutical products.''
About NEA
New Enterprise Associates (NEA) is a leading venture capital firm investing primarily in biotechnology, information technology, and medical/life sciences companies. Practicing classic venture capital for over 20 years, NEA focuses on early stage investments, playing an active role in assisting management to build companies of lasting value. With $4.9 billion under management, NEA's experienced management team has invested in over 400 companies, of which more than 135 have gone public and more than 150 have been acquired. For additional information, visit www.nea.com |
