TransTech Pharma, Inc. Announces Completion of Preferred Stock Agreements Totaling $34.5 Million
PR NEWSWIRE - February 06, 2003 08:02
HIGH POINT, N.C., Feb 6, 2003 /PRNewswire via COMTEX/ -- TransTech Pharma, Inc. today announced the completion of two rounds of investments in the company extending over the last nine months totaling $24.5 million. The investments came from its largest shareholder, New York-based MacAndrews & Forbes Holdings, as well as its research partners Novo Nordisk A/S and Cephalon Inc. Investors in the last round, including MacAndrews & Forbes, have also secured options to invest another $10 million during 2003.
Adnan Mjalli, Ph.D., Founder, President and Chief Executive Officer of TransTech, said, "We believe that these substantial equity investments in our company demonstrate confidence in our innovative technologies, our ability to accelerate the drug development process and our various drug discovery programs. After just three years of operation, we are advancing two small- molecule programs towards clinical trials and three others into pre-clinical testing, and have helped our research partners achieve substantial progress against multiple therapeutic targets."
TransTech will use a portion of the proceeds to advance two internal programs into Phase I clinical trials during 2003. The two programs are focused on advancing novel, orally bio-available small-molecule antagonists that are directed at novel protein-protein interactions in several therapeutic areas of unmet medical needs.
In addition to carrying out its internal drug discovery programs, TransTech has also been active with three multi-year research collaborations -- with Novo Nordisk A/S, Cephalon Inc. and SIGA Technologies, Inc. -- each with focus directed at the discovery of small molecule drug candidates in various therapeutic areas.
TransTech's Translational Technology(TM) is a highly automated and fully integrated drug discovery process. The technology has delivered pre-clinical and clinical drug candidates against a wide range of biological targets including protein-protein interactions, receptor modulators and enzyme inhibitors. These candidates include small molecules intended for the treatment of diabetes, cancer, inflammation, Alzheimer's disease and thrombosis.
TransTech Pharma, Inc. is a privately held drug discovery company employing approximately 65 people. The Company's high-throughput drug discovery platform translates the wealth of information from genomics and proteomics into novel small molecules effective as therapeutics. TransTech intends to enter into additional collaborations for drug discovery and development with other leading biotechnology and pharmaceutical companies in addition to actively developing its own pipeline of small molecule drug candidates. For further information about the company, go to its web site at http//www.ttpharma.com. |
