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Pearl Therapeutics Raises $15.5 Million in Private Financing
Redwood City, CA, September 6, 2007 — Pearl Therapeutics, Inc.,
a privately-held company focused on improving the treatment and
prevention of widely prevalent respiratory disorders, announced
today that the company has raised $15.5 million in its first
round of venture capital funding. The financing was co-led by
New Leaf Ventures and Clarus Ventures with 5AM Ventures as a
major participant. In conjunction with the financing, Kathleen
LaPorte, managing director, New Leaf Ventures; Nicholas Simon,
managing director, Clarus Ventures; and James W. Young, Ph.D.,
venture partner, 5AM Ventures, will join Pearl’s Board of
Directors.
Pearl will deploy these funds to develop innovative products for
treatment or prevention of airway diseases in patient
populations whose medical needs have not been met by
conventional pulmonary drug delivery systems and dosage forms.
Pearl has in-licensed a well-developed suite of particle
technologies from Nektar Therapeutics which will be leveraged to
advance a pipeline of proprietary therapeutics rapidly through
development. Nevan Elam, a Nektar senior vice president and head
of its Pulmonary Business Unit, has been appointed to Pearl’s
Board of Directors.
Pearl Therapeutics was co-founded by two former members of
Nektar’s corporate and product development organizations.
Together they bring Pearl more than three decades of experience
creating novel pulmonary products. Adrian Smith, president, has
led the development and commercialization of technologies and
products in the pharmaceutical, medical diagnostic and computer
industries for more than 24 years. Starting in 1992 as a one of
the first employees of Inhale (now Nektar), he created and
directed development of its pulmonary delivery platforms for
over a decade in his role as vice president of engineering and
technology. More recently until June 2006 he was vice president
of corporate development, pulmonary. He drove strategy and
planning for Nektar’s pulmonary business and championed efforts
to apply its technologies to unexplored opportunities. Sarvajna
Dwivedi, Ph.D., executive vice president of R&D at Pearl, was
most recently director of product development at Nektar. He
brings 14 years of extensive pulmonary drug development
experience across multiple dosage forms to Pearl, having
participated in the inception, development and commercialization
of major products in his prior scientific, engineering and
management roles at GlaxoWellcome, Dura Pharmaceuticals,
Alkermes and Nektar.
“We are very pleased to have received strong support from
top-tier and sophisticated biopharmaceutical investors,” said
Mr. Smith. “These funds will enable us to combine commercially
validated particle technologies with the drug delivery,
formulation, and product development know-how of the Pearl team
to create differentiated products with the potential to broadly
and effectively address serious respiratory conditions.”
“Pearl Therapeutics incorporates a founding management team with
a strong track record of success and expertise in pulmonary drug
development including the scale up and commercialization of new
products based on proprietary particle technologies. We believe
Pearl’s products offer the potential for improved treatment of a
wider population of patients with chronic respiratory disease,”
said Dr. Young, executive chairman of the Company, on behalf of
the company’s investors. “Based on my experience in drug
delivery and product development, I am excited to have the
opportunity to work with this team and company.”
“Adrian and Sarvajna have expert backgrounds in developing
pulmonary products and we’re pleased that our former colleagues
will be exploring new applications with our suite of proven
particle technologies,” Mr. Elam said.
About Pearl Therapeutics, Inc.
Pearl Therapeutics is focused on developing a pipeline of novel
and superior products for chronic respiratory disorders,
providing patients with advanced therapeutic options in familiar
and well accepted dosage forms. The company has licensed
advanced particle technology from Nektar Therapeutics (Nasdaq:
NKTR) for developing a series of products in selected
therapeutic fields. Founded in 2006, Pearl Therapeutics is
privately held, with support from leading investors such as
Clarus Ventures, New Leaf Ventures and 5AM Ventures.
Contact:
Adrian E. Smith
Pearl Therapeutics, Inc.
Tel: 650-305-2600
asmith@pearltherapeutics.com
For Media:
Karen L. Bergman or
Michelle Corral
BCC Partners
650-575-1509 or 415-794-8662
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