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Salt Lake City, Utah, July [28], 2004 - Pharmadigm announced today that it had successfully completed a $3 million Series B venture financing. The funding round was co-led by Friedli Corporate Finance and vSpring Capital. Pharmadigm will use the financing to further its Phase II clinical studies of its lead product targeting Crohn's disease, as well as to continue development in other inflammatory therapeutic areas. To reflect the company's new direction and focus, in conjunction with this financing, Pharmadigm changed its corporate name to Inflabloc Pharmaceuticals, Inc. ("IPI").
IPI's initial product, a proprietary combination of dehydroepiandrosterone (DHEA) for the treatment of chronic and sub-chronic inflammatory diseases is slated to enter Phase II clinical testing later this year to evaluate its efficacy and safety in treating the symptoms of Crohn's disease. Crohn's disease, an inflammatory disease of the gastrointestinal tract, afflicts between 700,000 and 1,000,000 Americans and is characterized by chronic, recurring and painful symptoms. The estimated worldwide market for Crohn's disease is over $2 billion and growing steadily.
"This new infusion of capital is critical to the continued expansion of Inflabloc Pharmaceuticals, Inc. and the further clinical development of our promising IBD products," said Dr. Dinesh Patel, IPI's acting CEO and Managing Director of vSpring Capital.
"We are pleased with the new focus and direction of Inflabloc Pharmaceuticals and remain confident in its future success," said Peter Friedli of Zurich-based Friedli Corporate Finance, a long-time Inflabloc investor.
About Inflabloc Pharmaceuticals Inflabloc Pharmaceuticals, Inc.
("IPI"), is a privately held, development-stage biotechnology company located
in Salt Lake City, Utah. IPI is engaged in the research and development of
products and technologies in the fields of inflammation, where Inflabloc's
therapeutic targets stem from the anti-inflammatory properties of dehydroepiandrosterone
(DHEA), a steroid that is produced in the adrenal glands.
About Friedli
Corporate Finance
Zurich-based Friedli Corporate Finance is a leading Swiss Venture Capital
firm that aims to discover, structure, invest and manage the ideas and technologies
that will be at the forefront of the industries in the next decade. With offices
in Zurich, San Francisco and London, Friedli is backed by over 80 banks, pension
funds and corporations. Friedli holds investments in 25 U.S. companies, some
of which are startups and other have become well established.
About vSpring
Capital
vSpring is an early-stage venture capital fund focusing on investment opportunities
in Information Technology and Life Sciences. vSpring capitalizes on the managerial
skills and operating experience of its principals to successfully invest in
and mentor early-stage companies. vSpring has offices in Salt Lake City, Utah,
and Los Alamos, New Mexico.
Contact:
Dinesh Patel, Acting CEO
Inflabloc Pharmaceuticals, Inc.
801-942-8999 phone
801-464-6116 fax
Friedli Corporte Finance
Peter Friedli
+41 1 283 29 00 phone
+41 1 283 29 01 fax
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