Affinium Pharmaceuticals Closes US$18 Million Series A to Advance Clinical Development of Novel Antibacterial Compound
Toronto, Ontario, March 26, 2007 — Affinium Pharmaceuticals, Inc., a privately held developer of a novel class of oral antibacterial therapeutics announces the closing of its US$18 million Series A financing. Affinium will use the proceeds from the financing to fund development of its lead candidate through Phase 2 clinical trials. The international financing was led by Forward Ventures and includes new investors Oxford Bioscience Partners, SV Life Sciences, and existing investor Genesys Capital Partners.
"This financing represents a major milestone for the development of Affinium's novel class of antibiotics and will allow us to rapidly progress our lead compound through human clinical trials," said Owen Roberts, Chief Financial Officer of Affinium. "We are extremely pleased that this international group of venture capital firms has chosen to invest in Affinium and fund the development of this highly potent therapeutic which addresses one of the most pressing health problems facing the public today."
"Affinium's antibiotics represent a new class of therapeutics with a novel mechanism of action for treating staphylococcal infections," commented Dr. Stuart Collinson, Chairman of the Board of Affinium. "As bacterial resistance increases, there is an urgent medical need for new oral and intravenous antibiotics. Affinium's compounds promise a major breakthrough in antibiotic development and patient care."
Concurrent with the financing, three new members joined Damian Lamb of Genesys Capital Partners on Affinium's Board of Directors: Dr. Stuart Collinson of Forward Ventures, Mark Carthy of Oxford Bioscience Partners and Dr. Graham Boulnois of SV Life Sciences.
About Affinium Pharmaceuticals
Affinium Pharmaceuticals is a specialty pharmaceutical company focused on the discovery, development and commercialization of novel anti-infective medicines. AFN-1252 utilizes a unique mechanism of action by directly inhibiting the function of the bacterial fatty acid synthesis (FAS) II pathway. Affinium's FASII antibacterial programs constitute a new antibiotic franchise with the potential for multiple products targeting the FASII pathway. These programs include a broad base of long-term intellectual property: issued and pending composition of matter patents on potent orally available small molecule inhibitors of a new class of antibiotics with a unique mechanism of action, targeting an underexploited pathway.
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