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News and Information Article
First Accelerator Company to Complete Series B Financing
SEATTLE, June 16 // -- VLST Corporation, a Seattle-based
biotechnology company focused on the development of therapeutics for
autoimmune and inflammatory disorders, today announced it has raised $55
million in a Series B financing. The financing was led by Texas Pacific
Group Ventures and included participation from existing investors MPM
Capital, ARCH Venture Partners, OVP Venture Partners and Amgen Ventures.
New investors MedImmune Ventures Inc. and WRF Capital, venture investment
arm of the Washington Research Foundation, also participated in the
financing.
"We are pleased with the substantial support that this financing
provides as well as the quality of the healthcare investor syndicate
participating in this funding round," said Martin Simonetti, president and
chief executive officer of VLST. "We appreciate their belief in our novel
technology platform, potential products that address unmet clinical needs
and the solid scientific and management teams we have built. This
financing, which will be provided in three traunches based on company
progress, should provide sufficient resources to advance our lead product
candidate through a Phase 2 proof-of-concept clinical trial and bring two
additional programs to IND filings while also providing for the continued
development of our technology platform."
The VLST platform uses novel bioinformatics and state-of-the-art
proteomics to identify viral genes whose protein products function as
immunomodulatory agents. The resulting product candidates will be either
human homologues of these virulence factors or monoclonal antibodies that
mimic the function of the virulence gene products. This approach allows for
the efficient identification of high quality, pre-validated drug targets
for the treatment of autoimmune and inflammatory disorders. Utilizing this
platform, VLST has identified multiple novel product candidates for
regulating immune responses.
"VLST has a talented and experienced team and a promising technology
that holds significant potential for the rapid and efficient identification
of appropriate drug candidates," said Heather Preston, M.D. of Texas
Pacific Group Ventures. "We look forward to the continued application of
VLST technology and the resulting therapeutic drug candidates that will
emerge from this innovative approach."
VLST, co-founded by Drs. Craig Smith and Steven Wiley, was launched in
May 2004 as one of the first start-ups to be funded by the Accelerator
Corporation, an investment vehicle supporting the formation and development
of next-generation biotechnology companies. VLSTs rapid evolution is, in
part due to the Accelerator model, which provides state-of-the-art
facilities, management and through its affiliation with the Institute for
Systems Biology co-founded by Dr. Leroy Hood, it also provides access to
world class scientific expertise. The Accelerator also provides dedicated
value-added venture capital through its syndicate of top-tier venture
capital firms. VLST currently has 12 employees and is housed within the
Accelerator Corporations research facilities in the vibrant Eastlake life
science cluster in downtown Seattle. VLST will be relocating to its new
headquarters at 201 Elliott Avenue West, Suite 450, Seattle, Wash. in early
July.
Initial members of the VLST Board of Directors are: Steven Gillis,
Ph.D., Chairman of the VLST Board representing ARCH Venture Partners;
Martin Simonetti, president and chief executive officer, VLST; Heather
Preston, M.D., Texas Pacific Group Ventures; Michael Steinmetz, Ph.D., MPM
Capital; and Gerard Langeler, OVP Venture Partners.
About VLST
VLST Corporation is a privately held biotechnology company that has
developed a novel and streamlined approach to speed the development of
effective therapeutics for the treatment of inflammatory and autoimmune
diseases. The VLST platform uses novel bioinformatics and state-of-the-art
proteomics, to identify viral genes whose protein products function as
immunomodulatory agents. The resulting product candidates will be either
human homologues to these virulence factors or monoclonal antibodies that
mimic the function of the virulence gene products. This approach allows for
the efficient identification of high quality, pre-validated drug targets
for the treatment of autoimmune and inflammatory disorders. The Companys
technology has identified potential product candidates for the treatment of
disorders such as multiple sclerosis, lupus, psoriasis, rheumatoid
arthritis and diabetes. For more information, please visit
http://www.vlstcorp.com.
About Accelerator Corporation
Accelerator Corporation, founded in 2003, is a privately-held
biotechnology investment and development company located in Seattle,
Washington, USA. The company is building the next generation of
life-enhancing biotechnology companies by providing the resources critical
to accelerating the development of nascent leading-edge biotechnologies.
These key resources, provided by global life science leaders -- Alexandria
Real Estate Equities, Inc., Amgen Ventures, ARCH Venture Partners, MPM
Capital, OVP Venture Partners and Versant Ventures, the Institute for
Systems Biology and Accelerator Corporation -- include committed capital
from top-tier venture capital firms, state-of-the-art facilities,
world-class scientific and technical expertise and support, and experienced
biotechnology start-up business management and support. For more
information, please go to: http://www.acceleratorcorp.com.
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