By Jennifer Chiou
New York, Sept. 19 - Athenagen, Inc. announced it raised $5.69 million in a series A round of financing.
The company closed on $3.19 million of the financing last week and received a commitment for a further $2.50 million based on milestones over the next 12 months.
Sanderling Ventures led investors, which included Life Science Angels.
"Capital raised in this round will be used to take our two lead drug candidates into human clinical trials in 2006," president and chief executive officer W. Scott Harkonen said in a news release.
"This new angiogenesis pathway gives us a great opportunity to develop novel, orally active drugs for AMD and cancer, and to tackle the problem of non-healing wounds."
Robert McNeil, a managing director at Sanderling Ventures, will join Athenagen's board of directors.
Based in Menlo Park, Calif., Athenagen is a pharmaceutical company focused on the development of small-molecule drugs to either inhibit or enhance angiogenesis for cancer and age-related macular degeneration. Two Stanford University scientists founded the company.
| Issuer: | Athenagen, Inc.
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| Issue: | Preferred stock
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| Amount: | $5.69 million
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| Round: | Series A
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| Investors: | Sanderling Ventures (lead), Life Science Angels
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| Announcement date: | Sept. 19
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