Press Releases 08.11.2003
Renovis raises $45.0 million in private placement
South San Francisco, California - August 11, 2003 - Renovis, a biopharmaceutical company focused on the discovery and development of drugs to treat neurological diseases and disorders, announced today the completion of its Series E Preferred Stock financing totaling $45.0 million. Easton Hunt Capital Partners led the financing, which included first-time investments from HealthCap, MDS Capital, Invus Group, CDIB BioScience Ventures, and others. All major existing investors participated in the financing, including Alta Partners, Venrock Associates, Flagship Ventures, Skyline Ventures, and HBM BioVentures.
Renovis has several drug candidates in development, including Cerovive, a Phase III drug for acute ischemic stroke that is licensed to AstraZeneca (NYSE:AZN), REN-1654, a Phase II drug for neuropathic pain, and REN-213, which will commence Phase I clinical trials later this year in post-operative pain indications. Additionally, the Company will use the funds raised in this financing to expand its clinical pipeline with new development candidates from its preclinical programs.
"This financing positions Renovis well to capitalize on the promise of its clinical programs in pain, while aggressively advancing preclinical programs in pain and neuroinflammation toward new IND filings in coming years," said Corey S. Goodman, Ph.D., President and Chief Executive Officer of Renovis. "We are pleased that our enthusiasm for Renovis' prospects is shared by Easton Hunt and the many other successful investment firms that participated in this financing."
Effective immediately, John Friedman, Managing Partner of Easton Hunt, will join the Company's Board of Directors representing Series E investors. "We are excited to have John join the Renovis Board of Directors," said Edward E. Penhoet, Ph.D., Chairman of Renovis' Board of Directors, Senior Director of the Gordon and Betty Moore Foundation and the former CEO and co-founder of Chiron Corporation. "His experience across a broad range of industries will be particularly helpful as we further develop the Company's future commercial plans."
"We are very pleased to lead this financing since we believe that Renovis is one of the true leaders in the neurological field," said John Friedman. "The Company is well-managed and has strongly differentiated products and preclinical programs aimed at large market opportunities in the areas of pain and neuroinflammation. Neurological diseases and disorders represent a large and growing segment of health care spending around the world."
Renovis is a biopharmaceutical company that seeks to improve the lives of patients suffering from neurological disease with novel drugs that renew, restore, and repair the nervous system. The Company is developing REN-1654, a Phase II drug for neuropathic pain, and REN-213, a drug for post-operative pain that will enter Phase I later in 2003. Renovis will be entitled to future milestones and royalties in connection with the successful development of Cerovive", which is in pivotal Phase III clinical trials for acute ischemic stroke and is licensed to AstraZeneca. In addition to its clinical candidates, Renovis has preclinical programs, discovery research, and specialized chemistry currently focused in the areas of pain and neuroinflammation. The Company is privately held and headquartered in South San Francisco, California.
For more information about Renovis, please visit www.renovis.com.
About Easton Hunt Capital Partners
Easton Hunt Capital Partners, L.P. (EHCP), with offices in New York and Florida, is a venture capital/private equity fund investing in early and late stage venture capital transactions and management buyouts. Healthcare has been one of the Fund's key areas of focus. In healthcare, EHCP has concentrated on transactions in the drug discovery, drug delivery, and medical device arenas. Its target investments are well-managed companies characterized by differentiated products addressing major unserved markets.
For more information about Easton Hunt Capital Partners, please visit www.eastoncapital.com.