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News and Information Article
Series B financing positions company to advance development of its product
portfolio targeting cancer and central nervous system diseases
RADNOR, Pa., Nov. 13 // -- Yaupon Therapeutics, a privately
held specialty pharmaceutical company working to develop small molecule
pharmaceuticals, today announced the closing of a $4 million round of
venture capital financing. The Series B financing will support the
continued development of Yaupons multiple clinical programs targeting
diverse medical needs in the treatment of lymphoma, addiction and
neuropathic pain.
The venture capital financing was led by Osage Ventures of Bala Cynwyd,
Pennsylvania, with a follow-on investment by BioAdvance Greenhouse Fund of
Philadelphia, and with participation by Ben Franklin Technology Partners of
Philadelphia, and TDH Capital of Radnor, Pennsylvania.
"This financing represents an important milestone for our company,"
said Robert Alonso, president and CEO of Yaupon. "Our lead product is now
enrolling patients for a pivotal study and is continuing to show great
promise as we advance toward FDA filing and commercialization. We are
delighted that several of the leading investors in life sciences today have
recognized the promise of Yaupons innovative business strategy and
therapeutic approach," he added.
Yaupon Therapeutics has four products in development, including one
compound in pivotal studies, one compound in phase 2 and additional
compounds expected to enter clinical development in 2007. The companys
lead product, Clearazide(TM), is a topically delivered cytotoxic agent for
the treatment of cutaneous T-cell lymphoma (CTCL). Additional therapeutic
areas targeted by Yaupon include smoking cessation, methamphetamine
addiction treatment and neuropathic pain. Yaupons business strategy
targets opportunities to license innovative technologies from academic
research centers while leveraging funding available through the NIH
competitive grant system.
"Yaupons business model reflects a strong focus on cost-effective
strategies to license and advance clinical programs that have already
delivered very promising results," said David Drahms, vice president of
Osage Ventures. He added, "As investors, we see excellent potential in both
the companys strategic approach to product development and in the progress
thus far with Clearazide and with the other small molecule products in the
pipeline."
"Yaupon is ideally positioned to move multiple programs through
development in a very capital-efficient way, making it a great example of
the investment opportunities in Southeastern Pennsylvania," said Barbara
Schilberg, CEO of BioAdvance. "Under Roberts leadership, this company is
advancing clinical programs with the clear potential to represent
significant commercial opportunities that benefit patients." Drahms and
Schilberg will also join Yaupons Board of Directors.
About Yaupon
Yaupon Therapeutics is a privately held specialty pharmaceutical
company that develops small molecule pharmaceuticals licensed from
under-served academic laboratories. The company has four products in
development, with one compound in pivotal studies, one compound in phase 2
and additional compounds that will enter the clinic in 12 months. The
companys business strategy is to build a highly capital- efficient
organization that leverages the NIH competitive grant system to offset
research expenses and to validate its technology. The model emphasizes
strong academic collaborations that lead to the licensing and development
of unique products with proof of principle and millions of academic
research dollars behind them. To date Yaupon has received over $15 million
in government support.
About BioAdvance Greenhouse Fund
To support growth of the life sciences industry in Southeastern
Pennsylvania, BioAdvance established the $20 million Greenhouse Fund to
invest in promising proof-of-concept projects related to biotherapeutics,
biomedical devices, diagnostics and platform technologies. The BioAdvance
model is an innovative regional solution to the national problem of
insufficient seed and pre-seed stage funding. Since making its first
Greenhouse Fund investments less than four years ago, BioAdvance has
committed nearly $10.5 million in funding to startup life sciences
companies and academic research institution projects. The BioAdvance
portfolio companies have gone on to raise $96 million in additional funding
(as of June 2006). BioAdvance has been twice named to Entrepreneur
Magazines leading early-stage venture funds.
About Osage Ventures
Osage Ventures is a venture capital fund that seeks to invest in
determined and creative entrepreneurs that have a unique concept or
product. Osage provides capital and value-added services to early stage
IT/enabling technology and life science/healthcare businesses in the
Northeast corridor. Initial investments range from $1-$1.5 million.
Additional information is available at http://www.osageventures.com.
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