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REGiMMUNE Announces Series B Financing
| Source: REGiMMUNE
MOUNTAIN VIEW, CA and TOKYO -- (MARKET WIRE) -- February 21, 2007 -- REGiMMUNE Corporation., a
privately held biopharmaceutical company, announced today that it has
raised $4.2 million U.S. in a Series B venture capital financing from new
and existing investors. The original lead investor NIF SMBC Ventures Co.,
Ltd. led the round, with the participation of existing investor Japan Asia
Investment Co., Ltd. and new investors JAFCO Co., Ltd.; Orix Capital
Corporation; Yasuda Enterprise Development Co., Ltd.; New Business
Investment Co., Ltd.; Mitsubishi UFJ Capital Co., Ltd. and Fund Creation
Co., Ltd. REGiMMUNE plans to keep this round open for potential venture
firms interested in becoming part of the syndicate.
Proceeds from the financing will be used to further the preclinical
development of REGiMMUNE's first two product candidates, RGI-2001 and
RGI-1001, as well as expanding the R&D staff and setting up development
operations at the company's U.S. subsidiary, established in late 2006.
"We are very pleased to have the continuing support of our initial
investors and to welcome our new investors," stated Haru Morita, President
and Chief Executive Officer. "We are happy to receive this current
commitment from investors, in spite of the poor market conditions in Japan.
The endorsement of this top tier group of venture capital investors
validates the commercial potential of our reVax technology and the new
funds will help to accelerate our clinical programs."
"REGiMMUNE represents a most impressive technology platform and capable
management team for commercializing novel therapeutics targeted at immune
regulation," commented Mr. Hiroki Narita, NIF SMBC Deputy General Manager,
Investment Group. "The compounds being developed by REGiMMUNE are
promising, and there are significant market opportunities being pursued."
About REGiMMUNE
REGiMMUNE is a biotechnology company focused on the discovery, development
and commercialization of immune regulatory therapeutics to treat
life-threatening and debilitating conditions, including allergies,
autoimmune diseases and inflammatory disorders. The company's proprietary
technology platform, reVax (reverse vaccination), works by modulating the
immune system by enhancing antigen specific immune regulatory cells. This
technique is expected to be useful in conditions such as Ragweed Allergy,
Rheumatoid Arthritis (RA) and Multiple Sclerosis (MS), where control of an
abnormal immune response is desirable. reVax is being utilized to advance
several compounds through clinical development and eventual
commercialization of a broad range of products for REGiMMUNE and its
partners. The company is headquartered in Tokyo, Japan and has a U.S.
subsidiary in Mountain View, California. For more information, please
visit www.regimmune.com.