PALO ALTO, Calif.–(BUSINESS WIRE)–Aug. 19, 2003–Rinat Neuroscience Corporation today announced that it has raised $40 million through a private placement of Series B Preferred Stock.<\/p>\n
The financing was led by MPM Capital with support from Schroder Ventures Life Sciences and Prospect Venture Partners. The Series A investors, Technology Partners and Essex Woodlands Health Ventures, also participated in the financing.<\/p>\n
“We are pleased that Rinat has succeeded in attracting an exceptional group of new investors — especially during this difficult financing period,” said Ron Eastman, chief executive officer. “This placement provides Rinat with the funding to both move its first two products into the clinic in 2004 and to continue developing its broad pre-clinical pipeline,” Eastman added.<\/p>\n
“A large part of Rinat’s asset base originated at Genentech and has been expanded by Rinat into an attractive portfolio of products focusing exclusively on antibody-based medicines for neurological conditions,” said Dennis Henner, Ph.D., a general partner at MPM Capital, and former senior vice president of Research at Genentech. “With products nearing the clinic and an extraordinary management team, we think Rinat has excellent growth prospects,” added Henner.<\/p>\n
Joining Rinat’s Board of Directors will be Dennis Henner, Ph.D., Mike Ross, Ph.D. of Schroder Ventures Life Sciences, and David Schnell, M.D. of Prospect Venture Partners. Existing Board members include Roger Quy, Ph.D. of Technology Partners, Martin Sutter of Essex Woodlands Health Ventures, Dave Goeddel, Ph.D., chief executive officer of Tularik, Arnon Rosenthal, Ph.D., co-founder of Rinat, and Ron Eastman.<\/p>\n
About Rinat’s Investors<\/p>\n
MPM Capital is the world’s largest dedicated investor in life sciences. With committed capital under active management of more than $2.1 billion, MPM is uniquely structured to invest globally in healthcare innovation. In addition to its BioVentures family of venture capital funds, MPM invests in the public markets through its BioEquities hedge fund. Primarily in biotechnology, but also in medical devices and biopharmaceuticals, MPM has seamlessly integrated private and public equity products to target innovation in healthcare and, thereby, deliver exceptional returns to investors. The MPM BioVentures and MPM BioEquities family of funds are two distinctly different but highly complementary investment vehicles. For additional information on MPM Capital, please visit www.mpmcapital.com.<\/p>\n
Schroder Ventures Life Sciences advised funds have invested in the life sciences industry since the early 1980’s with offices in Boston, London and San Francisco. SVLS is focused on investments in life science companies, primarily in biotechnology, biopharmaceuticals, medical devices and technology in all stages in the development of a life science business. SVLS provides hands-on scientific, advisory and financial support to its portfolio companies with a deep base of life science investment, operational, scientific and clinical experience. The total funds under management amount to just under $900 million. For additional information on Schroder Ventures Life Sciences please visit www.svlifesciences.com.<\/p>\n
Prospect Venture Partners is a Palo Alto, California based venture capital firm with $600 million of capital under management. The firm is dedicated to investing in outstanding biomedical technology and life science companies. Prospect targets commercially attractive health care enterprises with outstanding entrepreneurial management teams, proprietary products, and innovative technology or services with potential for significant investment returns. For additional information on Prospect Venture Partners please visit www.prospectventures.com.<\/p>\n
Technology Partners was founded in 1984 and serves principally as a lead investor and business adviser to technology-based ventures. The firm manages a total of more than $400 million of investment capital and has invested in over 60 companies in a variety of industries, with the majority of investments in early stage companies. Technology Partners targets 50% of capital to life science and 50% to information technology companies. Within life science, Technology Partners currently focuses on the areas of neuroscience and therapeutics. Technology Partners led the Series A financing and spinout of Rinat Neuroscience from Genentech in 2001. For more information on Technology Partners please visit www.technologypartners.com.<\/p>\n
Essex Woodlands Health Ventures was founded in 1985 on the principle that focus makes for a better investment strategy. Essex invests exclusively in healthcare, and has for nearly two decades. From an initial fund of seven million dollars, Essex has grown to manage over $500 million in committed capital, and continues to enjoy a track record of success in the top tier of mature venture capital funds of similar vintage. Using a proven healthcare investment strategy and solid management, the partnership works proactively with entrepreneurs to plan and execute strategic and financial goals. Within the healthcare industry, Essex Woodlands invests in pharmaceuticals, medical devices, managed care, life sciences, and health services information technologies. For more information on Essex Woodlands please visit www.essexwoodlands.com.<\/p>\n
About Rinat Neuroscience Corporation<\/p>\n
Rinat Neuroscience Corporation, based in Palo Alto, California, was founded in 2001 when Genentech, Inc. (NYSE: DNA), a leader in the development of therapeutic antibodies, spun out its key neuroscience assets under a broad license to Rinat. Genentech invested significant resources in support of these assets over 15 years, and Rinat is now building on them as the pioneer in developing and commercializing antibody drugs for the treatment of diseases and disorders of the nervous system. Rinat anticipates filing its first two INDs in 2004, one for acute and chronic pain, and the other for chemotherapy-induced neuropathy. For more information on Rinat, please visit: www.rinatneuro.com or contact Beth Calvin at (650) 213-5304.<\/p>\n","protected":false},"excerpt":{"rendered":"
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