Critical Therapeutics Raises $56 Million in Series B Financing
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Oct. 8, 2003-- Critical Therapeutics, Inc. (CTI), a private biopharmaceutical company that discovers and develops novel therapies for critical care medicine, today announced it has closed a $56 million Series B financing. Advanced Technology Ventures (ATV) and Johnson & Johnson Development Corporation co-led the round. MedImmune Ventures, a wholly owned subsidiary of MedImmune, Inc., and Oxford Bioscience Partners also participated in the round, along with existing investors HealthCare Ventures and MPM Capital.
"In a relatively short period of time we have made exceptional progress in each of our programs," said Paul D. Rubin, M.D., CTI's president and chief executive officer. "The significant capital raised through this Series B financing provides CTI with additional resources to accelerate the pace of our clinical and pre-clinical development programs, expand our research initiatives and begin to create our sales and marketing infrastructure."
"We were particularly attracted to CTI based on the depth and experience of its management team and diverse product pipeline in the critical care therapeutics area. Importantly, CTI has one of the largest industry alliances with MedImmune for an early stage co-development deal," commented ATV Partner Jean George.
With venture funds raised to date totaling approximately $75 million, CTI expects to continue development of its pipeline of anti-inflammatory products, which includes two clinical programs and three pre-clinical programs targeting acute and chronic inflammatory diseases. These products include its lead drug (an improved, controlled-release formulation of a drug currently approved for the treatment and prophylaxis of asthma), a cytoprotective drug to reduce trauma-related vascular and organ damage currently in Phase I clinical trials, and biologic products targeting HMGB-1, a novel pro-inflammatory cytokine to treat severe inflammatory diseases in partnership with MedImmune.
"Critical care medicine represents a large market opportunity in which few product innovations have been made. With a strong clinical and pre-clinical pipeline and a highly experienced management team, we believe that CTI is well positioned to offer patients new medicines in this field where the annual incidence is higher than cancer," said Nick Galakatos, general partner, MPM Capital.
"With a strong research platform and proven intellectual property advantages, this funding will help CTI reach additional product development milestones," added Chris Mirabelli, Ph.D., general partner, HealthCare Ventures. "The company has already made important steps in addressing several large, unmet needs in the critical care market, and we are confident that that momentum will continue in order to help those patients who suffer from acute disease and inflammatory illnesses."
As a result of the investment, Jean George, partner, ATV and Ting Pau Oei, vice president, J&J Development Corp. will join CTI's Board of Directors. Other Board members include Nick Galakatos, Ph.D., general partner, MPM Capital; Chris Mirabelli, Ph.D., general partner, HealthCare Ventures; Christopher Walsh, Ph.D., Hamilton Kuhn Professor at Harvard Medical School; Paul Rubin, M.D., CEO; and Kevin Tracey, M.D., Head, Center for Patient-Oriented Research, North Shore-Long Island Jewish Research Institute.
About Critical Therapeutics
Critical Therapeutics, Inc. is a privately held biopharmaceutical company focused on critical care medicine. CTI's mission is the discovery, development and commercialization of novel therapies for the treatment of acute trauma, cardiopulmonary disease and infectious and inflammatory illness. The Company's current research and development portfolio includes the following therapeutic targets: HMGB-1, a pro-inflammatory substance identified as a mediator of TNF-associated tissue damage; development of small molecule and vagal nerve stimulation approaches to treat inflammation; and CTI-01, a proprietary anti-inflammatory drug candidate currently in Phase I clinical trials. The Company is headquartered in Cambridge, Massachusetts. More information about CTI is available at www.criticaltherapeutics.com.
About Advanced Technology Ventures
Founded in 1979, Advanced Technology Ventures (ATV) is a bi-coastal venture capital firm with more than $1.5 billion in capital under management. ATV works closely with entrepreneurial teams across several markets, including communications, IT infrastructure, software and services, and healthcare, to build emerging-growth business ventures into market leaders. For more information, visit www.atvcapital.com. |
