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Yaupon Therapeutics closes $14.5 million financing -- Series C financing
positions company to advance development of its product portfolio
targeting cancer and central nervous system diseases
Radnor, PA - Nov 19, 2007 - Yaupon Therapeutics, a privately held specialty
pharmaceutical company developing small molecule pharmaceuticals, today
announced the closing of a $14.5 million round of venture capital
financing. The Series C financing will expand the continued advancement
of Yaupon's multiple clinical programs. The venture capital financing
was led by Vivo Ventures with additional funding from Palo Alto
Investors and private investors. The financing will support the ongoing
clinical development program for Clearazideä, a topically delivered
cytotoxic agent for the treatment of cutaneous T-cell lymphoma (CTCL)
that is currently in Phase III clinical studies. The funding will also
position Yaupon to pursue neuropsychiatric indications such as Attention
Deficit Disorder (ADD) and Tourette's syndrome for Lobeline, a dopamine
modulating agent that is currently in phase 2 trials for methamphetamine
addiction. The funding will also help to bring Yaupon's pain programs
into clinical stage development.
"In the past year, we have made
substantial progress in our development efforts for Clearazide and
Lobeline. This financing positions Yaupon to advance its clinical
programs while also pursuing neuropsychiatric indications for Lobeline
that will significantly expand our commercial opportunity in the years
ahead." said Robert Alonso, president and CEO of Yaupon. He added, "We
are especially pleased that our new and existing investors recognize the
strength of our pipeline and our innovative business strategy."
Yaupon
Therapeutics has a total of four products in development. In addition to Clearazide and Lobeline, the company is developing Nornicotine as a once
a day oral drug for smoking cessation. A fourth product, YT-1006, is an
NMDA antagonist in development for the treatment of neuropathic pain.
YT-1006 is orally active and has shown to be efficacious without classic
NMDA side-effects. Yaupon's business strategy targets opportunities to
license innovative technologies from under-served academic research
centers while leveraging funding available through the NIH competitive
grant system. "We see tremendous potential for Yaupon's pipeline and
business strategy to position the company to introduce products that
represent important advances in patient care and strong opportunities
for commercial success," said Albert Cha, managing partner at Vivo
Ventures. "Yaupon's use of the NIH competitive grant system, along with
strong academic collaborations, represents a unique and cost effective
business model in pharmaceutical product development."
About Yaupon Therapeutics.
Yaupon Therapeutics is a privately held specialty pharmaceutical
company that develops small molecule pharmaceuticals licensed from
under-served academic laboratories. The company has four products in
development, with one compound in pivotal studies, one compound in phase
2 and additional compounds that will enter the clinic in 12 months. The
company's business strategy is to build a highly capital- efficient
organization that leverages the NIH competitive grant system to offset
research expenses and to validate its technology. The model emphasizes
strong academic collaborations that lead to the licensing and
development of unique products with proof of principle and millions of
academic research dollars behind them. To date Yaupon has received over
$15 million in government support.
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