HIGH POINT–TransTech Pharma, Inc. says it has increased its series E preferred stock round by an additional $30 million and closed on the first tranche of $10 million.
Subsequent closings for the remaining $20 million are scheduled later in the year and in 2005.
This $30 million expansion brings the total amount of funds raised or committed in the E round to $65 million. Investors in this financing included TransTech’s largest shareholder, New York-based MacAndrews & Forbes Holdings, as well as one of TransTech’s research partners, Novo Nordisk A/S.
TransTech will use a portion of the proceeds to advance several of its proprietary small molecule drug programs into development during 2004 and 2005. In May, TransTech announced the successful completion of Phase I clinical testing of its first drug candidate, TTP889, an orally administered anti-coagulation treatment.
Phase II clinical testing for this drug is scheduled to begin in the fall of 2004. Earlier this year, the Company filed its second IND and, in June, initiated Phase I testing for a novel, orally active drug for the treatment of Alzheimer’s disease. TransTech expects to advance into clinical trials next year other preclinical drug candidates that target unmet medical needs.
TransTech Pharma, Inc. is a privately held drug discovery company employing about 75 people. The Company’s high-throughput drug discovery platform, Translational Technology, translates the wealth of information from genomics and proteomics into novel and effective small molecules as therapeutics.