|[May 12, 2014]
Chase Pharmaceuticals Raises $21 Million in Series B Financing
WASHINGTON --(Business Wire)--
Chase Pharmaceuticals Corporation today announced a $21 million Series B
financing via a syndicate led by New Rhein Healthcare Investors, LLC.
Other new investors in this round include Edmond de Rothschild
Investment Partners and Cipla Ventures, the new venture capital arm of
Cipla Pharmaceuticals. The original venture investor, Brain Trust
Accelerator Fund, also participated in this financing. The investment
proceeds will be used to fund Phase 2a and Phase 2b clinical trials of
the company's lead product. Consistent with New Rhein's business model,
each of these investors brings significant operational experience to
Chase has a unique, patented approach that promises to significantly
improve the efficacy and safety of currently marketed Alzheimer's drugs
such as ARICEPT® and Exelon®. The company was founded in 2007 by Thomas
Chase, MD, former Scientific Director, National Institute of
Neurological Disorders and Stroke (NINDS) and Kathleen Clarence-Smith,
MD, PhD, former head of CNS development at Sanofi, Roche and Otsuka.
Dr. Chase, a Founder said, "Based on our Phase 1 studies, we expect
Chase products will demonstrate a far greater therapeutic benefit than
any currently marketed treatment for Alzheimer's disease, resulting in a
significant beneficial impact on the quality of life for all those
afflicted by this cruel and incurable disorder."
Greg Parekh, PhD, former head of M&A at Novartis AG and a partner at New
Rhein, will serve as Chase's Chairman of the Board. "Alzheimer's disease
afflicts 7.5 million Americans and represents one of our country's most
significant growing unmet medical needs. By cleverly improving existing
on-market drugs, Chase Pharmaceuticals builds on proven therapies and
offers patients and their caregivers new hope for a better quality of
life in the relatively near term," said Dr. Parekh.
In addition to Dr. Parekh, Raphaël Wisniewski of Edmond de Rothschild
Investment Partners and Vikram Sudarsan, PhD, of Cipla New Ventures will
join the board of the company.
John M. Siebert, PhD, will join as its Chief Executive Officer. John has
a successful track record of over 15 years as CEO at both public and
private specialty pharmaceutical companies such as Cima Labs and Cydex.
He brings to Chase a wealth of complementary commercial experience.
Chase is an early stage drug development company, based in Washington,
DC. Its mission is to improve the quality of life for those suffering
from disorders of brain function, especially cognitive dysunction of
the Alzheimer's type. In the service of this goal, Chase Pharmaceuticals
seeks to advance the development of its own intellectual property
towards commercial products that satisfy crucial unmet medical needs.
Current efforts, focused on pharmaceuticals for Alzheimer type dementia,
include oral medications such as its lead product, CPC (News - Alert)-201, as well as
CPC 252 for transdermal administration. The privately held company
received Series A funding in 2010 and 2011 from Brain Trust Accelerator
Fund in support of its program of Phase I clinical trials. Please visit
our website: www.chasepharmaceuticals.com.
About New Rhein Healthcare LLC
New Rhein is a private equity investment firm focused on healthcare
therapeutics and medical devices. Its partners and associates are former
industry executives with operational and transactional experience. New
Rhein invests in businesses which utilize proven products in new
applications (e.g., new indications, new dosage forms, 505(b2)). The
company compiles syndicates of operational focused investors who
together bring a wealth of experience and a broad network of
relationships to support its portfolio companies in development,
regulatory, reimbursement, marketing and/or contract manufacturing. New
Rhein provides an understanding on what would be attractive to strategic
partners and works backwards to help its portfolio companies build their
value proposition. Prior New Rhein investments have included ophthalmic
pharmaceuticals, molecular diagnostics and respiratory drug/device
About Edmond de Rothschild Investment Partners
Paris-based Edmond de Rothschild Investment Partners is the private
equity affiliate of the Edmond de Rothschild Group, which is specialized
in asset management and private banking. Edmond de Rothschild Investment
Partners is dedicated to minority investments into privately-owned
companies. It has currently close to EUR1 billion under management which
is being invested primarily as life sciences venture capital and growth
capital. Its Life Sciences Team of eight professionals brings together
over 60 years of experience in the Life Science industry and more than
100 years of private equity and venture capital experience. The team has
raised over EUR450 million through its Biodiscovery franchise and is
currently investing BioDiscovery 4. For more information please visit: www.edrip.fr.
Cipla is a global pharmaceutical company which uses cutting edge
technology and innovation to meet the everyday needs of all patients.
For more than 70 years, Cipla has emerged as one of the most respected
pharmaceutical names in India as well as across more than 170 countries.
Cipla's portfolio includes 2000 products in 65 therapeutic categories
with one quality standard globally. Cipla's turnover in 2012/13 was 1.5
billion USD. While delivering a long-term sustainable business, Cipla
recognizes its duty to provide affordable medicines.
Cipla's emphasis on access for patients was recognized globally for the
pioneering role played in HIV/AIDS treatment as the first pharmaceutical
company to provide a triple combination anti-retroviral (ARV) in Africa
at less than one dollar a day and thereby treating many millions of
patients since 2001. Cipla's research and development focuses on
developing innovative products and drug delivery systems and has given
India and the world many 'firsts' for instance Triomune. In a tightly
regulated environment, the company's manufacturing facilities have
approvals from all the main regulators including USFDA, UKMHRA, WHO,
MCC, ANVISA, and PMDA which means the company provides one universal
standard both domestically and internationally.
About Brain Trust Accelerator Fund
The Brain Trust Accelerator Fund focuses on early stage investments that
address the diagnosis and treatment of brain related diseases. Founded
in 2006, the fund has provided both capital and resources for
diagnostic, device and therapeutic companies developing technologies to
deliver therapeutics across the blood brain barrier, a common barrier
for treating many brain diseases; technologies to help optimize
therapies that are most likely to benefit selected patients, often
referred to as personalized medicine; and molecularly targeted therapies
that target the abnormal pathways implicated in a variety of brain
ARICEPT® is a registered trademark used by Eisai, Inc. and Exelon® is a
registered trademark of Novartis.
[ Back To TMCnet.com's Homepage ]