By Angela McDaniels
Seattle, Aug. 9 - Arisaph Pharmaceuticals Inc. said it closed a second $8 million tranche of private equity financing, bringing the total raised to $16 million.
During the latest round, the company received $4 million each from Kos Pharmaceuticals Inc. and 2004 Oikos Investment Partners LP, according to a company news release. Oikos is owned primarily by Mary Jaharis, wife of Kos Pharmaceuticals founder and chairman emeritus of the board Michael Jaharis.
To trigger the second closing, Arisaph achieved its key development milestones, principally related to the company's DPP IV inhibitor, ARI 2243, and its ultra smart cancer program.
Arisaph said it plans to use the proceeds from the second closing to advance ARI 2243 into human clinical testing and to select lead candidates of its ultra smart pro-drugs for cancer.
In addition to the private equity investment, Arisaph and Kos Pharmaceuticals have a strategic drug discovery partnership in which Arisaph designs and synthesizes new chemical entities for three targets to treat cardiovascular disorders. Arisaph receives funding from Kos to support the research and will receive royalties on sales from discovered products.
Through such sponsored research arrangement Arisaph said it has designed and synthesized ARI 1778, an apo A-1 mimetic peptide for treatment of atherosclerosis and ARI 2035, a novel niacin mimetic for raising HDL cholesterol, the so-called "good" cholesterol.
Arisaph is a privately held, development-stage biopharmaceutical company based in Boston that develops differentiated therapies for diabetes, cancer and cardiovascular disease.
Kos Pharmaceutical is a pharmaceutical company based in Cranbury, N.J., that develops products for the treatment of chronic diseases. It is Arisaph's majority shareholder.
| Issuer: | Arisaph Pharmaceuticals Inc.
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| Issue: | Private equity investment
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| Tranche: | Second
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| Amount: | $8 million for second tranche, $16 million total
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| Investors: | Kos Pharmaceuticals Inc., 2004 Oikos Investment Partners LP
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| Announcement date: | Aug. 9
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