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News and Information Article
Funding to Advance Development of Clinical Candidates
GAITHERSBURG, Md., Jan. 8 // -- Sequoia Pharmaceuticals, Inc.
announced today that it has raised $35 million in a Series C financing that
will be used to further develop its pipeline candidates for the treatment
of drug-resistant HIV infections, including the companys two lead clinical
candidates, an HIV protease inhibitor as well as a novel therapeutic agent:
a Pharmacokinetic Enhancer. The Wellcome Trust led the round of financing
and was joined by other existing investors including Healthcare Venture,
Sofinnova Partners, and Aberdare Ventures as well as new investor,
MedImmune Ventures, Inc. As a result, Julie Eskay-Eagle of Wellcome Trust
and Wayne T. Hockmeyer, Ph.D., President of MedImmune Ventures and Chairman
of the Board, former CEO and founder of MedImmune, Inc., join the Sequoia
board.
"We are delighted to have the continued endorsement of our current
investors, led by Wellcome Trust, as well as to have a new investor in
MedImmune Ventures in this round of financing," said Cindy Collins,
President & CEO, Sequoia Pharmaceuticals. "The proceeds from this Series C
financing enable us to further advance the development of our drug
candidates. Sequoia is anticipating sponsoring two clinical trials
beginning in early 2007." Julie Eskay-Eagle, who represents The Wellcome
Trust, says, "Wellcome is very pleased to continue supporting Sequoias
breakthrough discoveries in HIV therapy and other viral diseases as these
are aligned with the Trusts mission to improve human health, as well as
its commitment to fund outstanding health care investment opportunities."
About Sequoia:
Sequoia Pharmaceuticals discovers and develops revolutionary new
treatments, primarily for viral diseases including HIV/AIDS and HCV-induced
hepatitis with a focus on the growing global problem of drug-resistant
infectious diseases. Although most drugs are likely to become less
effective over time due to the emergence of drug-resistant mutations,
Sequoias drugs are expected to overcome that critical deficiency.
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