BiPar Sciences Raises $13 Million in Series A Financing
SOUTH SAN FRANCISCO, CA. – BiPar Sciences, Inc., a privately-held biopharmaceutical company focused on the development of novel drugs to address multiple, unmet needs in cancer, today announced that it has raised $13M in a Series A financing led by Vulcan Capital. Canaan Partners, Asset Management Company, PolyTechnos Venture-Partners and Quantum Technology Partners also participated in the round.
BiPar was founded in 2002 to develop a portfolio of novel and proprietary agents that demonstrated broad therapeutic potential across a wide range of cancers. The Company’s lead clinical candidate, BSI-201, represents a new class of cancer drug that targets metabolic properties unique to tumors in order to selectively destroy them. BiPar plans to file an IND for BSI-201 in late 2005 and initiate Phase I trials in Q1 2006. The Company has three additional clinical candidates in development.
“This financing allows us to take a promising drug candidate into the clinic and quickly confirm in patients the selective killing power and minimal toxicity that we saw in preclinical studies,” said Tom White, CEO and Co-founder.
Chairman, Kirk Raab added, “I am enthusiastic to be part of BiPar, especially in view of the biological knowledge that has been developed and of the outstanding, experienced product development and management team in place to guide the Company.”
About Vulcan Capital
Vulcan Capital is the private investment arm of Vulcan Inc., the project and investment management company founded by Paul G. Allen in 1986 to manage his personal and business initiatives. Focused on generating long-term value appreciation across a multibillion dollar portfolio, Vulcan Capital spans diverse industry sectors and investment asset classes, ranging from early-stage venture investments to public equity value investing, leveraged buyouts, acquisitions, and distressed situations. Visit Vulcan Inc. online at www.vulcan.com and Vulcan Capital at capital.vulcan.com.
About Asset Management Company
Asset Management Company is one of the oldest continuously operating venture capital firms on the West Coast. Since 1965, AMC has been focused on identifying and investing in novel opportunities in the information technology and life sciences sectors. Specializing in seed and early-stage funding, AMC has a forty year history of helping to build outstanding companies, as well as creating substantial returns for investors. The investment in BiPar Sciences was made from its new fund, Asset Management Partners 2004 L.P., which continues AMC's time-proven strategy of early-stage investing.
About PolyTechnos Venture-Partners
PolyTechnos is an independent European venture capital firm focusing on privately held technology and life science companies in early to expansion stages of development, predominantly in German-speaking Europe. Areas of expertise comprise Information Technology & Communications, Industrial & Engineering, Energy, Drug Development & MedTech, with a special interest in developments at the interface of these fields. The PolyTechnos team combines long standing venture capital investment experience with broad international operational and management expertise based on strong technology and life science backgrounds. PolyTechnos helps companies turn technology into business by providing support in areas such as strategy, business development, and organization building. PolyTechnos, located in Munich, Germany, was founded in 1998 and currently advises funds totaling approximately EUR 200 million. For more information on PolyTechnos, please visit www.polytechnos.com or contact Stefanie Nagel.
About Quantum Technology Partners
Quantum Technology Partners, located in Silicon Valley, invests in early stage Information Technology and Life Sciences companies in the U.S. and Europe. Quantum was founded in 2000 and co-invests with leading venture capital firms. www.quantumtp.com
About BiPar Sciences
BiPar is a privately-held biopharmaceutical company committed to creating a world-class drug development and commercialization organization that addresses significant unmet medical needs in oncology. The Company’s lead candidate to enter the clinic is BSI-201, the first of a new class of cancer therapies that selectively induces tumor cell death by inhibiting enzyme function central to tumor survival. The Company intends to study BSI-201 in multiple cancers.