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May 2, 2006
KAI Pharmaceuticals Completes $35 Million
Series B Financing
Financing to Fund Broad Clinical Pipeline
Kai Pharmaceuticals is developing drugs based
on protein kinase C, an important disease target. Their
first program addresses cardiac ischemia reperfusion injury,
a clinical problem with “holy grail” status
in cardiovascular medicine. Below, Kai reports raising
additional capital at a significant step-up in value to
further develop its clinical programs.
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KAI
Pharmaceuticals Inc., a drug discovery and development
company, announced today the completion of a $35 million
Series B private equity financing, bringing the total
amount raised since inception to $63 million. Proceeds
from the Series B financing will be used primarily to
fund KAI's research and development pipeline of protein
kinase C (PKC) therapeutics targeted at a range of diseases
including acute myocardial infarction, stroke and other
ischemic conditions, angiogenesis (such as age-related
macular degeneration), and neuropathic and inflammatory
pain.
The financing was led by new investors Investor Growth
Capital, Inc. ("IGC") and Aberdare Ventures.
Also participating in the round were the company's existing
investors Skyline Ventures, InterWest Partners, Intersouth
Partners, Delphi Ventures, Thomas Weisel Venture Partners,
and MDS Capital. In conjunction with the financing, Curt
H. LaBelle, M.D., from IGC, and Daniel L. Kisner, M.D.,
from Aberdare Ventures, will join KAI as new members of
the Board of Directors.
"We are extremely pleased with the quality of our
new investors and with the ongoing support of our existing
investors," said Steven P. James, president and CEO
of KAI Pharmaceuticals. "This financing, at an increased
valuation, and funding from our recent collaboration with
Daiichi-Sankyo, position the company to meet its primary
development goals, including the filing of an IND for
at least one program each year through 2008. In addition,
we are fortunate to have Curt and Dan join the KAI Board,
bringing with them a strong combination of financial,
medical, product development, and operating experience."
"We are excited to participate in what we believe
is a very bright future for KAI," said Curt H. LaBelle,
M.D. of IGC. "KAI's ability to selectively activate
or inhibit specific enzymes within the PKC family represents
a significant advancement in developing new methods to
treat a host of significant diseases that are poorly treated
by existing therapies. PKCs are known to play a fundamental
role in the pathophysiology of major diseases, and we
share KAI's vision for building a preeminent biotech company
with a pipeline of important drugs based upon this innovative
technology."
Daniel L. Kisner, M.D., of Aberdare Ventures, stated,
"KAI's leadership team has a strong track record
both in advancing promising research into the clinic and
in creating some of the industry's most innovative R&D
collaborations. We are proud to be a part of this team
and look forward to continuing success at KAI."
KAI Pharmaceuticals' lead product, KAI-9803, is a selective
delta PKC inhibitor designed to reduce ischemia and reperfusion
injury as an adjunct to current treatments for acute myocardial
infarction. The company recently completed enrollment
of a 150 patient Phase I/II clinical trial for KAI-9803
to assess safety and efficacy in heart attack patients.
Trial results are anticipated later this year. In December
of 2005, KAI signed a collaboration and license agreement
with Daiichi-Sankyo Co., Ltd. worth up to $340 million
in upfront, research, and milestone payments for the development
and commercialization of KAI-9803 in two initial indications."
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