TUCSON,
AZ (BUSINESS WIRE) – MARCH 21, 2006
APT Pharmaceuticals Adds Vivo
Ventures in Final Close of $9 Million First Round
Vivo Ventures
participated in the final close of a $9 million Series A financing
co-led by Charter Life Sciences and Research Corporation Technologies.
APT Pharmaceuticals is a clinical-stage biopharmaceutical company
developing products to treat asthma, chronic pulmonary obstructive
disease, rhinitis and rhinovirus infection.
The company is developing steroid-alternative therapies based
on targeted administration of hydroxychloroquine (HCQ), a disease
modifying antirheumatic drug (DMARD). APT believes its proprietary
aerosolized dosage forms of HCQ and new routes of administration
could achieve a faster onset of action and greater therapeutic
effect than conventional oral therapy, and at substantially
lower systemic doses.
"We are pleased to have Vivo Ventures as a strategic
investor in APT. The additional capital will enable us to accelerate
our pulmonary and nasal clinical development programs," said
APT President Gino Di Sciullo, Ph.D.
"We are excited about the company's opportunities and
believe targeted administration of HCQ holds great potential
for asthma and other diseases," said Albert Cha, M.D.,
Ph.D., managing partner of Vivo Ventures.
Vivo Ventures (www.vivoventures.com) is a life sciences-focused
venture capital firm formed in 1996 with $400 million under
management. Vivo is based in Palo Alto, Calif., and is currently
making investments from its $179 million fifth fund, Vivo Ventures
Fund V, into promising biotechnology and life science companies.
Charter Life Sciences (www.charterls.com) specializes in early
stage venture capital life sciences investments. Charter Life
Sciences, L.P., a Delaware limited partnership, is the first
dedicated life sciences fund in the Charter Ventures family
of venture capital funds. Charter Life Sciences operates offices
in Palo Alto, Calif., and Cincinnati.
Research Corporation Technologies (RCT) is a technology investment
and management company (www.rctech.com) that provides early-stage
funding and development for promising biomedical companies
and technologies. RCT founded APT (http://www.rctech.com/bioventures/apt.php)
to advance development of the AHCQ technology. As the primary
investor, RCT funded early formulation work, efficacy studies,
preclinical safety studies and continues its support of clinical
trials. RCT has offices in Tucson, Ariz., Los Angeles and the
Boston area, and development partners in the United Kingdom
and Australia.
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