Published:
Arete Therapeutics Closes $16.7 Million in Final Tranche of Its Series A Financing
HAYWARD, Calif., Nov. 19 /PRNewswire/ -- Arete Therapeutics Inc., a
privately-held biotechnology company developing first-in-class soluble epoxide
hydrolase (s-EH) inhibitors, today announced that it has closed the final
tranche of its Series A financing. Frazier Healthcare Ventures and Alta
Partners co-led the $16.7 million tranche, which also included existing
investors Burrill & Company, Three Arch Partners, and Altitude Life Science
Ventures. This financing completes the Series A round, bringing the total
amount raised to date to over $51 million.
"This financing provides substantial funding for Arete as we look toward
the initiation of our Phase II clinical trial in the first quarter of 2009
using AR9281 for the treatment of metabolic syndrome," said James Sabry, M.D.,
Ph.D., President and Chief Executive Officer of Arete Therapeutics. "We
appreciate our investors' continued commitment to the value of our s-EH
inhibitor platform."
"In the last six months, Arete successfully completed a Phase I clinical
trials' program for AR9281, expanded its executive management team and
completed extensive preclinical studies of s-EH inhibitors," stated James
Topper, M.D., Ph.D., Chairman of the Board of Arete Therapeutics and General
Partner of Frazier Healthcare Ventures. "Arete's extensive proprietary
position in s-EH inhibitors, together with its efficient, focused drug
discovery and development organization, position the Company to address the
growing healthcare epidemic of metabolic syndrome and identify new
therapeutics for cardiovascular and inflammatory disease."
About Arete Therapeutics Inc.
Arete Therapeutics is a privately-held biotechnology company dedicated to
the discovery and development of novel drugs to treat metabolic, inflammatory
and cardiovascular disease. It is the world's leading company focused on s-EH
(soluble epoxide hydrolase), an important enzyme for the metabolism of
arachidonic acid that plays an essential role in metabolic, inflammatory and
cardiovascular physiology. The Company was founded by Dr. Bruce Hammock, a
Professor at the University of California, Davis, who discovered s-EH. For
more information on Arete Therapeutics, please visit
http://www.aretetherapeutics.com.
SOURCE Arete Therapeutics Inc.
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Copyright © 2009, NewsBlaze,
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