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Nereus Pharmaceuticals Raises $8.6 Million In First Round Of FinancingAlta Partners and Forward Ventures lead investment in drug discovery company San Diego, California - April 17, 2000 - Nereus Pharmaceuticals, Inc., an emerging leader in drug discovery and development, today announced the completion of an $8.6 million first round of venture financing. Alta Partners of San Francisco and Forward Ventures of San Diego led the round. Other investors include GIMV n.v., JAFCO and Tech Amp International. "Nereus has distinguished itself as a leader in the discovery and development of novel drugs from marine microorganisms," said Kobi Sethna, President and CEO of Nereus. "The company is revolutionizing the way marine microorganisms are studied and cultivated as a source of new pharmaceutical compounds." Jean Deleage, Managing Partner at Alta Partners added, "Alta Partners is excited to back a new biotechnology company from San Diego. Nereus will be in a position to provide its pharmaceutical partners an entirely new source of chemical diversity to replace the conventional soil samples that have provided such a rich supply of novel pharmaceuticals in the past. Additionally, we like the fact that Nereus already has a lead compound aimed at addressing one of the most important therapeutic targets of the pharmaceutical industry." "Nereus is focused on developing drugs for the treatment of cancer, inflammation, and infectious diseases. These therapeutic areas continue to be of major clinical relevance and address important patient needs," said Stan Fleming, Partner at Forward Ventures. Nereus' lead compound NPI-1302a, an orally administered tumor necrosis factor alpha (TNF-àlpha) synthesis inhibitor will initially be targeted at rheumatoid arthritis (RA). Based on laboratory models, NPI-1302a potentially offers an improved efficacy and safety profile and dosing convenience over conventional RA treatments. Nereus expects to develop NPI-1302a along with a host of other anti-cancer and anti-infective drugs that are orally bioavailable with improved safety and efficacy profiles. "This funding reinforces Nereus' leading position in microbial drug discovery and development," said Kobi Sethna, CEO of Nereus. "It will allow us to enter the clinic with our oral anti-inflammatory compound NPI-1302a, scale up our microbial drug discovery efforts to industrial levels, and expand our laboratory facilities in San Diego." Nereus Pharmaceuticals' pipeline of new drug molecules includes: NPI-1302a, an oral TNF-àlpha synthesis inhibitor to be used in inflammatory disease indications; NPI-1432a, an anti-inflammatory compound for osteoarthritis; NPI-2350, a novel microtubule inhibitor for the treatment of certain cancers; NPI-3866, a non-nucleoside antiviral compound and NPI-1522, a topical anti-inflammatory drug for mucositis and dermatitis. Nereus expects to be in the clinic in Phase I/II clinical trials with NPI-1302a in RA within 12 months. The company has added to its broad development pipeline through an exclusive license with the Scripps Institution of Oceanography, University of California at San Diego, entitling the company to extensive novel marine microorganism discoveries. This product-oriented strategy will enable the company to quickly leverage new discoveries and turn them into clinical treatments. The company is in discussions with several pharmaceutical companies to develop alliances that will enhance and accelerate key programs. 
About Nereus Pharmaceuticals, Inc. |
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