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Forbion’s Portfolio Company Transave, Inc. Raises $35
Million Through Series D Convertible Preferred Stock Financing
Naarden, The Netherlands 31 March 2008 – Forbion
Capital Partners announces the closing of a Series D financing round of its
portfolio company, Transave, Inc. (Monmouth Junction, New Jersey, USA), a
biopharmaceutical company focused on developing innovative inhaled
pharmaceuticals for the site-specific treatment of serious lung diseases. Today,
the company announced that it has raised an aggregate of $35 million pursuant to
its recently completed preferred stock offering. Joining the Company's Board are
Richard Kollender from Quaker BioVentures and Steve Kraus from Bessemer Venture
Partners, the lead investors in the Series D financing. Also participating in
the financing were TVM Capital, Prospect Venture Partners, Fidelity Biosciences,
Forbion Capital Partners and Easton Capital, all having previously taken a
leading investment role in Transave."Proceeds from the financing will enable
Transave to deliver Phase II proof of concept data for our lead clinical
compound, ARIKACE™ (liposomal amikacin for inhalation). We are on track to have
Arikace Phase II clinical data in cystic fibrosis patients that have Pseudomonas
lung infections this year. In addition, Phase II bronchiectasis data will be
available in the first half of 2009," said Tim Whitten, President and Chief
Executive Officer of Transave.
Tim Whitten further commented, "We extend a hearty welcome to our newest Board
Members, Rich Kollender and Steve Kraus who will add further depth to our Board.
It is gratifying to receive significant financial support, not only from our
highly-regarded new investors, but also from our existing investors. The new
funding serves to validate the great strides Transave is making in our clinical
programs based on our once-daily, next-generation liposomal pulmonary delivery
technology. And perhaps more importantly, this financing will allow us to
continue our mission to help patients that have serious chronic pulmonary
infections."
The securities sold in this private placement have not been registered under the
Securities Act of 1933, as amended, and may not be offered or sold in the United
States in the absence of an effective registration statement or an applicable
exemption from the registration requirements of the Securities Act. This press
release shall not constitute an offer to sell or the solicitation of an offer to
buy the convertible preferred stock.
-ENDS-
Notes to editors
About Arikace (liposomal amikacin for inhalation)
Arikace is a form of the antibiotic amikacin that is enclosed in nanocapsules of
lipid called liposomes. This proprietary next-generation liposomal technology
prolongs release of amikacin in the lung while minimizing systemic exposure. The
treatment uses biocompatible lipids endogenous to the lung that are formulated
into small (0.3 mm) neutrally charged liposomes that enable biofilm penetration
and are highly efficient with very low lipid to drug ratio (0.6). ARIKACE can be
effectively delivered through nebulization where the small aerosol droplet size
(~3.0 mm) facilitates lung distribution. Two Phase II studies are currently
being conducted in patients that have CF and Pseudomonas lung infections in
Europe and the United States. An abstract on the top line European Phase II data
in CF has been accepted for presentation at the 31st European Cystic Fibrosis
Conference in Prague in June. ARIKACE has been granted orphan drug status in the
United States by the FDA and orphan drug designation in Europe by the European
Medicines Agency (EMEA) for the treatment of Pseudomonas infections in patients
with CF.
About Transave Inc.
Transave Inc is a biopharmaceutical company focused on the development of
innovative, inhaled pharmaceuticals for the site-specific treatment of serious
lung diseases. The company's major focus is developing antibiotic therapy
delivered via next-generation liposomal technology in areas of high unmet need
in respiratory disease. Transave is dedicated to leveraging its advanced
liposomal development and commercialization expertise, along with its
intellectual property, to bring life extending and enhancing medicines to
patients.
For more information about Transave's technology and development programs, visit
www.transaveinc.com .
About Forbion Capital Partners
Forbion Capital Partners invests in EU and US Life Sciences companies,
developing world-class products and technologies. The Forbion team has invested
in 38 drug development and med tech companies since 2000, initially as ABN AMRO
Capital Life Sciences, the venture arm of ABN AMRO Bank NV. In December of 2006
the group became independent by broadening its investor base and changing its
name to Forbion Capital Partners. In recent years, the Forbion team has
successfully divested from 13 portfolio companies, leaving an active portfolio
of 25 companies. Assets under management currently exceed €200 M.
More information about Forbion Capital Partners is available at
www.forbion.com .
Media enquiries:
College Hill Life Sciences
Adam Michael/Claire Mosley
+44 (0)20 7457 2020
forbion@collegehill.com
Forbion Capital Partners
Geert-Jan Mulder MD
+31 35 699 3018
geert-jan.mulder@forbion.com
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