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Lux Biosciences Increases Its Series A
Venture Financing by $13 Million,
Bringing the Total Round to $49
Million; Dr. David Schnell of
Prospect
Venture Partners Joins Lux Biosciences' Board
JERSEY CITY, N.J. --July 19, 2006--Lux
Biosciences, Inc., a privately held biotechnology company
specialized in the field of ophthalmic diseases, today announced that the
company has increased its Series A venture round by $13 million. The round
added a new investor, Prospect Venture Partners, which is participating with
$12 million as an equal partner to previously announced investors in the
round, HBM Partners AG, Novo A/S and SV Life Sciences. Also joining the
round is SV Life Sciences' publicly traded fund, International Biotechnology
Trust plc. This brings Lux Biosciences' total Series A round, first
announced on May 25, 2006, to $49 million.
As part of the transaction, David Schnell, M.D., a managing director of
Prospect Venture Partners, has joined the Lux Biosciences board of
directors.
"We are very pleased that Prospect Venture Partners has joined this Series A
round," commented Ulrich Grau, Ph.D., president and chief executive officer
of Lux Biosciences. "As a highly respected and experienced group of life
science venture investors, their decision to invest is further validation of
Lux's business strategy, products and experienced management. We welcome Dr.
Schnell's expertise in pharmaceutical business development, product
marketing and strategic operations to our board and look forward to gaining
from his past industry experience and the significant intellectual resources
of the Prospect Venture Partners team overall."
"At Prospect, we particularly seek to invest in strong management teams, and
the Lux team has a great track record of success in bringing innovative
drugs to market both generally and within the ophthalmic space," said Dr.
Schnell. "We are very pleased to join the existing investors and management
team to assist Lux as it develops its portfolio of interesting products
addressing important medical needs with the opportunity for near term
commercialization."
About Lux Biosciences
Lux Biosciences is a privately held
biotechnology company dedicated to the identification, optimization,
development and commercialization of products for the treatment of
ophthalmic diseases. The company's business strategy is characterized by:
-- A focus on compounds already marketed or
with clinical proof of concept in non-ophthalmic indications that Lux will
develop as unique, targeted therapies for corresponding ophthalmic diseases,
with potentially greater efficacy and safety than existing treatments.
-- A clinical-stage portfolio of projects
including a next-generation calcineurin inhibitor that has potential in
several ophthalmic diseases and, as such, represents a pipeline of product
opportunities. The initial one of these is planned to enter pivotal clinical
testing by early 2007, and -- if successful -- Lux expects it will reach the
market in 2009.
This strategy is being implemented by an
experienced, execution-oriented management team that combines a history of
achievement in drug development and commercialization with deep insight and
scientific expertise in immunology and ophthalmology. More information on
Lux Biosciences can be found at
www.luxbio.com.
CONTACTS:
Lux Biosciences
Ulrich Grau, Ph.D., 917-518-2875
ulrich.grau@luxbio.com
or
Kureczka/Martin Associates
Joan E. Kureczka, 415-821-2413
Jkureczka@comcast.net
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