CAMBRIDGE, Mass., Dec. 26 /PRNewswire/ -- Leveraging the potential market for its proprietary protein crystallization technology, Altus has raised an additional $15 million in the second closing of its Series B private financing. In the first closing, Nomura International plc and U.S. Venture Partners served as lead investors. Follow-on investors included CMEA Ventures and China Development Industrial Bank (CDIB), with additional participation from Hotung International Company Limited and the Palladian Group. Together with the initial private placement, this series marks the year's largest private investment in a New England-based biopharmaceutical company.
``The magnitude of this financing underscores the investment community's confidence in Altus' novel crystallization technology to revolutionize protein-based therapeutic development,'' stated Peter Lanciano, President and CEO of Altus. ``Altus is well positioned to capitalize on the boom in protein therapeutics, including monoclonal antibodies, by continuing its successful track record of partnered product development with major biopharmaceutical companies. In addition, these funds will allow us to expand our research and development infrastructure, which will be critical for the continued growth of our product pipeline.''
Altus' business strategy combines short-term revenues from strategic technology collaborations with leading biopharmaceutical partners and long- term potential revenues from the company's internal pipeline. Funding from this round of financing is expected to fuel Altus' drug development pipeline. Building on its scientific and business expertise, the company plans to double its current staff of more than 50 over the next 12-18 months, optimizing its internal and partnered product development capacity.
``This funding provides us with the working capital needed to further our lead product candidate, a novel therapy to treat malabsorption resulting from pancreatic insufficiency,'' said Alexey Margolin, Ph.D., Vice President of Science for Altus. ``It also allows us to intensify our efforts on a number of promising drug candidates for treating gastrointestinal and metabolic diseases, building multiple opportunities for future success.''
``We have been very impressed with the development of Altus to date and believe that this financing will allow the company to dramatically accelerate its growth and realize its full potential,'' said David Collier, M.D., General Partner of CMEA Ventures. ``Altus' unique technology has broad potential for developing new pharmaceuticals, drug delivery modalities and manufacturing techniques.''
Altus is involved in developing and commercializing protein-based products using its proprietary crystallization technology. Protein drug development is the fastest growing sector in the biopharmaceutical market, with revenue estimates expected to reach 30-40% of the $350B global biopharmaceutical market within the next 5 years. Altus' proprietary protein crystallization technology, Crystalomics(TM), addresses many of the critical limitations associated with rapidly developing protein-based products, in particular lending critical support to their delivery, formulation and manufacture.
About Altus®
Altus is a privately held life sciences company which has developed a unique, powerful and proprietary protein crystallization technology, known as Crystalomics, to enable the rapid commercialization of high-value protein- based products. Altus has built a patented portfolio of products and technologies based on the crystalline solid state of proteins and peptides. In the therapeutic field, Altus has product candidates advancing into the clinic to treat metabolic and gastrointestinal disorders. In addition, Altus has numerous collaborative development programs with both pharmaceutical and biotechnology companies using its Crystalomics technology platform to deliver, formulate and manufacture protein drugs to treat a variety of diseases. SG Cowen Securities served as Altus' financial advisor and the exclusive placement agent for the financing. Altus® is a registered trademark of Altus Biologics Inc. and Crystalomics(TM) is a trademark of Altus Biologics Inc. For more information on Altus, please visit www.altus.com. |
