Therascope AG announces change of name to Alantos Pharmaceuticals AG
Second round of financing completed, worth 24 million euro
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Therascope AG, a privately held biopharmaceutical company focused on small molecule drug discovery utilizing its unique TACE synthesis and screening technology, announced the completion of a EUR24.1 million (approximately $27.7 million) second round of institutional preferred stock financing. The round was led by Oxford Bioscience Partners in Boston. The Company also announced its intention to change its name from Therascope to Alantos Pharmaceuticals, which, pending registration in the commercial register, will be finalized in August of 2003. The proceeds of this round will be used for the advancement of drug discovery projects utilizing the Company's proprietary TACE approach. TACE (Target Amplified drug Candidate Evolution) merges synthesis of new chemical entities and identification of target binders into a single step, thus accelerating the process of small molecule drug discovery while minimizing the production and handling of inactive compounds. The TACE platform supports the rapid creation of extensive libraries and can be applied to all stages of drug discovery, from identification of early leads to development of second-generation drugs. "The TACE technology provides Alantos with the ability to discover and develop small molecule compounds in a much more efficient and effective manner. The one-step process and the technology's ability to interact with a biological target cuts down on the number of inactive compounds and therefore yields more viable drug candidates," said Michael Lytton, General Partner with Oxford Bioscience Partners, the lead investor for this second round of financing. "Alantos benefits from a strong intellectual property position and managerial leadership, positioning the Company for long-term success." Earlybird Venture Capital in Hamburg acted as local co-lead for the round. Subsequent to the closing Matthias Jaffé, a principal at Earlybird, joined Therascope as Vice President of Finance. This round of financing brings the total amount raised by the Company, since its inception in 1999, to more than EUR27 million (approximately $31 million). In addition to Oxford Bioscience Partners and Earlybird, other new investors for this round include ABN AMRO in Amsterdam, Schroder Ventures Life Sciences in London and Ventech in Paris. Returning investors include Auriga Ventures in Paris and Heidelberg Innovation in Heidelberg. "We are very proud of the strong international consortium that we were able to bring together in support of our mission," said Dr. Fritz Frickel, Chief Scientific Officer and acting CEO of Therascope. "To receive such substantial investor confidence, particularly in challenging market conditions, is the ultimate endorsement of our TACE technology, our strategy, and our people. As we evolve as Alantos Pharmaceuticals, we look forward to the establishment of alliances and innovative practices that will secure our place as a leader in drug discovery." About the TACE Platform: Based on the approach pioneered in the laboratory of Prof. Jean-Marie Lehn, winner of the 1987 Nobel Prize in chemistry, TACE (Target Amplified drug Candidate Evolution) generates highly diverse libraries of chemical compounds and simultaneously identifies active ligands in the presence of a biological target, thereby enhancing the speed and efficiency of small molecule drug discovery. The addition of a biological target to these special type of dynamic libraries, results in the amplification of those library components that bind tightly to the target. By focusing on the isolation of only the best binding constituents, the production and handling of inactive compounds is minimized. This innovative approach offers the following advantages: · rapid creation and simple customization of highly diverse libraries of small molecules · avoidance of the costly and wasteful processing of inactive compounds, while simultaneously focusing all its efforts on active ligands · active participation in all stages of drug discovery, from identification of early leads to development of second generation drugs; and · the ability to work with targets, even in the absence of three dimensional structure or information concerning biological function.
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