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QuatRx Pharmaceuticals raises $31 Million in third private equity financing
Funds From Oversubscribed Round to Expand and Advance Product Development Programs
[Released December 13, 2004]
Ann Arbor, MI—QuatRx Pharmaceuticals Company, a privately-held biopharmaceutical development company focused on new therapies for the treatment of cardiovascular, metabolic and endocrine diseases, today announced it had raised $31 million in its third venture capital round. Thomas Weisel Healthcare Ventures led the financing with additional investments by all existing institutional investors including Frazier Healthcare Ventures, TL Ventures, MPM Capital, InterWest Partners, Stockwell Capital and Twilight Ventures. QuatRx has raised more than $67 million since its incorporation in December 2000.
"We are very pleased with the strong interest in this oversubscribed financing," said Robert L. Zerbe, M.D., Chief Executive Officer and President of QuatRx. " Investor enthusiasm for this round highlights the significance of the market opportunities we are pursuing, the potential of the products we have in development, and our proven ability to rapidly advance compounds to clinical proof of efficacy."
QuatRx's current development portfolio consists of three in-licensed compounds; two address dyslipidemia while another targets psoriasis. QuatRx's lead dyslipidemia compound, QRX-401 entered phase I human clinical trials in mid-2004. QRX-401 is a unique non-statin, dual-action, lipid-lowering compound which lowers LDL cholesterol and Lp(a) cholesterol, both independent risk factors for cardiovascular disease. Another dyslipidemia therapeutic, QRX-411, is an HDL cholesterol (good cholesterol) elevating compound. QRX-101, QuatRx's first development compound, is a topical vitamin D analogue treatment for psoriasis. It has successfully completed two human clinical phase IIa studies and entered phase IIb studies in 2004. QRX-101 will be ready for phase III pivotal studies in 2005.
New Board Members
QuatRx also announced that Caley Castelein, M.D., a principal at Thomas Weisel Healthcare Ventures, and Chris Ehrlich, a partner at InterWest Partners, have joined the QuatRx board of directors.
"QuatRx is one of the best drug acquisition and development teams we have seen," remarked Caley Castelein. "And, they have a proven record of delivering on development milestones. We look forward to helping fund the current development programs as well as future acquired compounds."
Chris Ehrlich of InterWest Partners commented, "On behalf of InterWest, I am pleased to renew our commitment to the outstanding management team at QuatRx and look forward to helping them build a world-class biopharmaceutical company."
About Thomas Weisel Healthcare Ventures
Thomas Weisel Healthcare Ventures is a $120-million fund that invests in emerging Life Sciences and Medical Technology sectors, including medical devices, specialty pharmaceuticals, emerging biopharmaceuticals, drug delivery technologies and biotechnology.
About QuatRx
QuatRx Pharmaceuticals Company focuses on therapeutic compounds for the treatment of cardiovascular, metabolic and endocrine diseases. With more than 75 years of collective drug development experience, QuatRx identifies and in-licenses late preclinical or early clinical-stage pharmaceutical compounds that can be rapidly and successfully advanced through clinical proof of concept, regulatory approval and commercialization.
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