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News and Information Article
Adds Seven New Investors including FrontPoint Partners and Funding from the
Juvenile Diabetes Research Foundation
CAMBRIDGE, Mass., Aug. 16 /-FirstCall/ -- TolerRx, Inc., a
biopharmaceutical company focused on the discovery, development, and
commercialization of novel therapies to treat patients with diseases of the
immune system, announced that it has completed a $35.6 million financing,
which included funding from the Juvenile Diabetes Research Foundation
(JDRF), the worlds largest charitable sponsor of research in Type 1
diabetes. The funds will support the clinical development of TolerRxs lead
product, TRX4, an anti-CD3 monoclonal antibody in development for Type 1
diabetes and psoriasis. TolerRx is currently conducting clinical trials of
TRX4 in subjects with Type 1 diabetes and plans to initiate a Phase III
pivotal trial in 2006.
FrontPoint Partners, LLC, a new investor to the company, led the round
which included six other new investors: Mesirow Financial, Swiss Re, QVT
Fund LP, IBT Management Corporation (IBTM), Brookstone Capital, in addition
to the JDRF funding. Existing investors participating included: Skyline
Ventures, Bear Stearns, Sprout Group, Rho Ventures, Artal Services N.V.,
and HealthCare Ventures.
"Phase II study results demonstrate that TRX4 (ChAglyCD3) is able to
preserve beta cell function for up to a year and a half after a short
course of therapy," said Chip Skowron, M.D., Ph.D., of FrontPoint Partners.
"In addition to reducing insulin need, the preservation of beta cell
function will likely result in a significant reduction of the long term
complications associated with Type 1 diabetes. In following, TRX4 therapy
could provide patients with substantial clinical benefit."
"We are extremely pleased with the enthusiastic reception we received
from investors. The partnership with JDRF and the investment by our new and
existing investors validates the progress we have made with the TRX4
program and our commitment to bring this novel therapy to patients with
Type 1 diabetes," said Dr. Douglas J. Ringler, President and Chief
Executive Officer of TolerRx. "These funds, combined with JDRFs support
and expertise, will allow us to further execute our plan to move TRX4 into
a Phase III pivotal trial in new-onset Type 1 diabetes this year."
"Anti-CD3 therapy has shown great promise for the treatment of Type 1
diabetes. JDRF has financially supported prior clinical studies with TRX4,
so our partnership with TolerRx for the clinical development of TRX4 is a
natural progression of our commitment to bring new therapies to patients
with Type 1 diabetes," said JDRF Executive Vice President for Research,
Richard Insel, M.D.
About TRX4
TRX4 is a monoclonal antibody that binds to a receptor component found
on all T cells called CD3, which is involved in normal T cell signaling.
TRX4 is designed to block the function of autoreactive T-effector cells
that attack the bodys tissues and cause autoimmune disease. Because
T-effector cells and T-regulatory cells have different signaling
requirements for activation, TRX4 is expected to suppress autoreactive T
cells while promoting T-regulatory cell activity, resulting in a state of
immunological tolerance. In addition to Type 1 diabetes, TolerRx is also
developing TRX4 for the treatment of psoriasis.
About JDRF
JDRF was founded in 1970 by the parents of children with juvenile
diabetes -- a disease that strikes children suddenly, makes them insulin
dependent for life, and carries the constant threat of devastating
complications. Since inception, JDRF has provided more than $1 billion to
diabetes research worldwide. More than 85 percent of JDRFs expenditures
directly support research and education about research. JDRFs mission is
constant: to find a cure for diabetes and its complications through the
support of research.
About TolerRx, Inc.
TolerRx is a biopharmaceutical company specializing in the discovery,
development, and commercialization of novel therapies to treat patients
with immune-mediated diseases. TolerRx has two antibodies in clinical
development: TRX4 in Type 1 diabetes and psoriasis, and TRX1 in cutaneous
lupus erythematosus (CLE). TRX1 is a humanized anti-CD4 antibody that is
being developed in collaboration with Genentech, Inc. TRX4 is an anti-CD3
monoclonal antibody to which TolerRx owns exclusive rights. TolerRx is also
developing new products to induce immunological tolerance for the treatment
of autoimmune diseases and to circumvent tolerance for the treatment of
cancer or chronic viral diseases. For more information, please visit
http://www.tolerrx.com.
Safe Harbor Statement
This press release may contain or incorporate by reference certain
statements that are not historical facts, including statements preceded by,
followed by or that include the words "may," "believes," "expects,"
"anticipates," or the negation thereof, or similar expressions, which
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Reform Act"). All statements
that address events, transactions or developments that are expected or
anticipated to occur in the future are forward-looking statements within
the meaning of the Reform Act. Such forward-looking statements involve
risks, uncertainties and other factors that may cause the actual
performance or achievements of TolerRx to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. For those statements, TolerRx claims the
protection of the safe harbor for forward-looking statements contained in
the Reform Act. TolerRx will not undertake and specifically declines any
obligation to publicly release the result of any revisions that may be made
to any forward-looking statements to reflect events or circumstances after
the date of such statements or to reflect the occurrence of anticipated or
unanticipated events.
CONTACT:
TolerRx, Inc.
Thomas A. Shea
Chief Financial Officer
(617) 452-1328
tshea@tolerrx.com
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