September 24, 2007
BURLINGAME, CA – APT Pharmaceuticals, a specialty drug development company focused on effective treatments for significant unmet medical needs, announced today that it has closed on $22 million in growth equity financing. New investors Great Point Partners and Versant Ventures joined existing firms Vivo Ventures and Charter Life Sciences in the round. Coinciding with the funding, David Kroin, Managing Director, Great Point Partners has joined the APT board.
The Company will use the new funding to advance its development pipeline which includes Pulminiq, a Phase III drug for prevention of lung transplant rejection, a novel cardioprotectant and several other projects.
“We are extremely pleased with the outcome of this funding round” said Dr. Stephen Dilly, CEO of APT. “We have added two more high-caliber private equity firms to our investor base and secured the resources to make major progress with our development pipeline. I am very excited to welcome David Kroin onto our Board. We now have the people, the products and the resources we need to build significant value over the next few years.”
About APT Pharmaceuticals, Inc.
APT Pharmaceuticals, Inc. is a drug development company based in Burlingame, California. APT is backed by Great Point Partners a leading health care investment firm and by several leading venture capital firms, including Vivo Ventures, Versant Ventures and Charter Life Sciences.
About Great Point Partners, LLC
Great Point Partners, LLC, based in Greenwich, CT, is a leading health care investment firm with approximately $800 million of equity capital under management. Currently, the firm manages capital in both public equity and private equity funds. Great Point has provided growth equity, recapitalization and management buyout financing to more than 100 health care companies. Both the private and public funds invest across all sectors of the health care industry including biotechnology and life sciences, consumer health, generic drugs, health care services, information technology, insurance, medical devices, specialty pharmaceuticals, and workers compensation.
Notable drug development companies financed by the principals include Akorn Laboratories, AMAG Pharmaceuticals, Biodel, Centocor (now part of Johnson & Johnson) and Eon Labs (now part of Novartis). Reach Great Point at 203-971-3300. www.gppfunds.com
This document is intended solely to provide information regarding Great Point Partners’ potential financing capabilities for prospective portfolio companies.