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Boston, MA – March 10, 2004
Boston Millennia Partners Leads $30 Million Venture Capital Investment in CombinatoRx, Incorporated
Boston, MA – March 11, 2004 – CombinatoRx, Incorporated, a privately held biopharmaceutical company creating novel combination medicines, has raised $30 million in its third venture capital round. The financing, led by Boston Millennia Partners, includes investments from existing and new institutional investors. In connection with the financing, Patrick J. Fortune, Ph. D., a Partner at Boston Millennia Partners, joins the CombinatoRx Board of Directors.
"The funds from this financing will be used to progress multiple programs from the CombinatoRx pipeline through the clinic,” said Alexis Borisy, President and CEO of CombinatoRx. “We are excited to welcome Boston Millennia to our Board of Directors. Boston Millennia’s extensive experience in the healthcare and pharmaceutical industries will be particularly valuable in advancing the CombinatoRx approach."
During the last year, CombinatoRx initiated clinical valuation of three novel programs in oncology and inflammatory diseases. The Company also received its first product patent, published its first peer-reviewed publication in the Proceedings of the National Academy of Sciences, and strengthened its management with the appointments of its Chief Medical Officer and Head of Regulatory Affairs, Jan Lessem, M.D., Ph D., and Chief Financial Officer, Robert Forrester.
“The productivity of the CombinatoRx platform is indeed impressive,” commented Fortune. “Utilizing a pragmatic approach to systems biology, the team is developing multiple innovative drugs that represent large medical and commercial opportunities. The focus on drugs that simultaneously target multiple points on disease pathways holds a great deal of promise for effective therapeutics in a broad range of disease states.”
"The expertise, experience base, track record of success, and innovativeness of the management team at CombinatoRx was a key factor in Boston Millennia Partners’ decision to lead this round,” said Dana Callow, Managing General Partner of Boston Millennia Partners. “The Company has implemented an innovative approach to developing drugs by targeting multiple disease pathways. We believe this approach will be very successful.”
About CombinatoRx
CombinatoRx, a privately held pharmaceutical company, is creating new combination medicines that attack disease on multiple fronts. The company has an impressive clinical and preclinical pipeline of novel agents, including treatments in development for cancer and rheumatoid arthritis, and has ongoing research in respiratory, metabolic, and infectious diseases. CombinatoRx invented the industry’s first combination drug discovery platform to generate new medicines, based upon new insights into disease networks, in a broad range of therapeutic areas. Founded in 2000 by leading scientists from Harvard and MIT, the company has raised $90 million in venture capital and is executing on its business strategy to rapidly build and commercialize a portfolio of breakthrough products. For further information please visit the CombinatoRx web-site at http://www.combinatorx.com. |
