By Jennifer Chiou
New York, July 15 - Peptimmune, Inc. said it completed $20.4 million in series C financing.
Investors included New Enterprise Associates, MPM Capital, Prism Venture Partners, Vanguard Ventures, Hunt Ventures LP, Boston Medical Investors, Inc., Itochu Corp. and Silicon Valley Bank Capital.
Proceeds will go towards advancing clinical development of Peptimmune's autoimmune and metabolic disease programs. The company also plans the clinical development of two programs - treatments related to multiple sclerosis and rheumatoid arthritis - in 2006.
"The $20.4 million investment represents a significant validation of our strategic efforts and will enable us to move forward in a timely manner towards achievement of many key clinical milestones," president and chief executive officer Tom Mathers said in a news release.
Peptimmune's lead product is GT 389-255, a lipase inhibitor and fat-binding hydrogel polymer conjugate for the treatment of obesity, which has completed Phase I trials.
Based in Cambridge, Mass., Peptimmune is a privately held clinical stage biotechnology company.
| Issuer: | Peptimmune, Inc.
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| Issue: | Preferred stock
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| Amount: | $20.4 million
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| Round: | Series C
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| Investors: | New Enterprise Associates, MPM Capital, Prism Venture Partners, Vanguard Ventures, Hunt Ventures LP, Boston Medical Investors, Inc., Itochu Corp., Silicon Valley Bank Capital
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| Announcement date: | July 15
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