D-Pharm Ltd. Raises $30 Million in Private Financing

18-Oct-2001

REHOVOT, Israel Oct. 16, 2001 D-Pharm Ltd., a biopharmaceutical company focused on the rational design and development of innovative drugs for treatment of central nervous system disorders, cancer, and autoimmune diseases, today announced the closing of a $30 million private placement of its Series D Preferred Stock. The financing, led by Care Capital LLC, includes commitments by Morgan Stanley Venture Partners, Rho Ventures and Quintiles Transnational Corporation. Returning investors include Clal Biotechnology Industries Ltd., the Gemini Group, Denali and Vertex. SG Cowen was the exclusive placement agent for the equity financing and its venture capital group, SG Ventures, also participated in the round. "We are excited by the breadth of the D-Pharm discovery platforms, the quality of the management team and the prospects for the company"s products, which are moving forward through the clinical development process," stated Jan Leschly, former CEO of SmithKline Beecham and current Chairman of Care Capital. "We expect that D-Pharm will establish itself over the coming years as an innovative leader in a number of therapeutic areas." "This successful round should be regarded as further proof of the quality of D-Pharm"s science and technology and a recognition of its potential. We are delighted that the Company was able to attract sophisticated and professional investors, such as Care Capital, Morgan Stanley Venture Partners and Quintiles, and are confident that the funds will contribute to the strengthening of D-Pharm"s pipeline and increasing its value," stated Dr. David Haselkorn, the CEO of Clal Biotechnology Industries (CBI) and D-Pharm"s Chairman. "CBI, D-Pharm"s largest shareholder is also the largest single investor in this round ($7.7 million)," continued Dr. Haselkorn, "thus expressing its confidence in the company, its technologies, products and management." "In the last few years, D-Pharm has emerged as a recognized biopharmaceutical company with a sound technological platform and product pipeline. We are very pleased to see `the vote of confidence" of prominent international funds, both in the US and Israel, especially during this difficult time," stated Dr. Alex Kozak, D-Pharm"s President and CEO. "D-Pharm now faces the challenge to create the value expected by its shareholders. We will use the proceeds of this financing to advance our products through clinical studies in the US and Europe, to aggressively develop our discovery programs and to expand our technological platform," he continued.

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