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Versartis, Inc. Completes Series A Funding of $11 Million [€7.9 M] in a
Joint Venture between Index Ventures and Amunix, Inc.
Redwood City, CA – June 2, 2009: Versartis, Inc. announced today that it has
closed a Series A financing with an initial commitment of $11 million [€7.9 M]
from Index Ventures (London, Geneva, Jersey). Index has the option to invest an
additional $5 million [€3.6 M], which would bring the total investment up to $16
million [€11.5 M]. Versartis has been formed as a joint venture between Amunix,
Inc. and Index Ventures to exploit the clinical potential of novel drugs using
Amunix’s recombinant PEGylation (rPEG) technology.
Mark de Boer, Ph.D., Index Ventures, will serve as Versartis Chairman of the
Board, and Willem ‘Pim’ Stemmer, Ph.D., Chief Executive Officer, Amunix, will
represent Amunix on the Board. Additional Board members include Roman Fleck,
Ph.D., Index Ventures, and Jeffrey L. Cleland, Ph.D., Founder and Chief
Executive Officer of Versartis.
Versartis’ business model is to rapidly develop new therapeutic proteins using
the proprietary Amunix rPEG half-life extension technology, with a focus on
metabolic disease and endocrinology. The funds raised will be used to progress
its novel compounds into human clinical trials.
“We have preclinical proof-of-concept for three product candidates in the
Versartis pipeline: these include exenatide and IL-1ra for diabetes, and hGH for
growth hormone deficiency,” said Jeffrey L. Cleland, Ph.D., Founder and Chief
Executive Officer of Versartis. “Our results to date demonstrate the advantage
of these compounds over products currently on the market or in development. We
look forward to working with Amunix and Index Ventures to validate the rPEG
technology as we progress our therapeutics into human clinical trials.”
“Versartis represents a completely novel model in biotech financing, aimed at
maximizing the value of an innovative platform technology that was originally
pioneered by Amunix,” commented Mark De Boer, Ph.D., Chairman of the Board.
Roman Fleck of Index Ventures said: “As the sole financial backer of Versartis,
Index Ventures is exploring new collaborative routes to generate value from
scientific advances capturing the shared vision between Index Ventures and
Amunix. As investors we are looking forward to working with such an experienced
team.”
“Versartis, as a joint venture company, will own and develop the novel drug
candidates in metabolic diseases and endocrinology that it has licensed from
Amunix, while Amunix remains focused on creating new products in other
therapeutic areas,” explained Dr. Pim Stemmer. “This enables Versartis to
maximize value through clinical development, with Amunix retaining the rights to
its core technologies and additional novel drug candidates.”
- end -
About Versartis
Versartis, Inc., a biotechnology company headquartered in Redwood City,
California, is developing therapeutic proteins for the treatment of metabolic
diseases and endocrine disorders. Versartis is pursuing the development of new
therapeutic proteins utilizing the novel half-life extension technology,
recombinant PEGylation (rPEG).
Further information on Versartis can be found at
www.versartis.com
About Index Ventures
Index Ventures is a leading pan-European venture capital firm dedicated to
working with entrepreneurs who have the drive and ability to build world-class
technology and life science companies. The Index Ventures team, which began
investing in 1992, has a deep technology and scientific focus and the ability to
leverage a network of cross-Atlantic strategic relationships. Index proactively
seeks out the top entrepreneurial teams in each investment area and leverages
its core assets in helping the entrepreneurs build their companies into global
leaders. Index Ventures investors include leading technology firms and
institutional investors. Previous investments include Addex Pharmaceuticals,
Genmab, SGX Pharmaceuticals, Inc., Ingenium, ParAllele Bioscience, Molecular
Partners and PanGenetics.
Further information on Index Ventures can be found at
www.indexventures.com
About Amunix
Amunix creates protein pharmaceuticals with new, valuable features and for
applications with unmet needs. Our strength is in protein design and the
discovery research process, including pre-clinical development. Clinical
development is performed in collaboration with partners, typically large
pharmaceutical companies. Amunix has created recombinant PEGylation technology (rPEG)
for serum half-life extension, and is building a broad pipeline of products in
multiple therapeutic areas.
Further information on Amunix can be found at
www.amunix.com
Contact information
Versartis, Inc.
Corporate enquiries
Chief Executive Officer Jeffrey L. Cleland, Ph.D.
Email: jcleland@versartis.com
Ph: 001 650 632-4410
Media enquiries
Debra Bannister
Email: media@versartis.com
Ph: 001 530 676-8001
Index Ventures
Corporate and Private Equity media enquiries
PR Manager Sayula Kirby
Ph: 0044 (0) 20 7154 2020
Email: Sayula@indexventures.com
Life science media enquiries
College Hill Life Sciences
UK - Sue Charles
Ph: 0044 (0)20 7866 7857
US - Erik Clausen
Ph: 001 415 230 5385
Email index@collegehill.com
Amunix
Corporate and media enquiries
CEO Willem 'Pim' Stemmer, Ph.D.
Email: pstemmer@amunix.com
Ph: 001 650-428-1800
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