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May 26, 2004 |
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Raises $15 Million and Adds New Investors Yamanouchi Ventures
and NIF Ventures
– Plexxikon today announced that C. Ronald Kahn, M.D., president of the Joslin Diabetes Center and a thought leader in the field of diabetes and metabolic disease, has been appointed to the company's Scientific Advisory Board. Dr. Kahn also is the Mary K. Iacocca Professor of Medicine at Harvard Medical School. He has served as research director of Joslin for more than 17 years. He has received the highest scientific awards of the American Diabetes Association, Juvenile Diabetes Foundation, International Diabetes Federation, the American Federation of Clinical Research, and the Endocrine Society of the U.S. Dr. Kahn also is a member of the prestigious National Academy of Sciences and the Institute of Medicine, recognizing his distinguished and continuing achievements in research. Dr. Kahn's seminal research of the insulin receptor and of the effects of insulin and insulin-resistance on metabolism and growth has revolutionized the field of diabetes research.
"We are delighted to welcome Dr. Kahn to Plexxikon's Scientific Advisory Board. As Plexxikon prepares to initiate human clinical trials of PLX204, our PPAR pan-agonist, in type 2 diabetic patients later this year, Dr. Kahn's expertise, insight and leadership in the field of diabetes and metabolic disease will be instrumental in helping guide our development strategy for this novel drug candidate as well as for other opportunities in the Plexxikon metabolic disease franchise," said Dr. Peter Hirth, chief executive officer of Plexxikon."With its PPAR program, Plexxikon has recognized that a key element in the successful management of diabetes is the modulation of imbalances in cholesterol and other lipids, in addition to glucose lowering."
"I am very pleased to be joining Plexxikon's Scientific Advisory Board. The company has made impressive progress in the development of its PPAR program, and its multi-targeted approach to treating type 2 diabetes may offer substantial improvements in the management of these patients, " said Dr. Kahn, president of Joslin Diabetes Center.
Plexxikon's novel small molecule drug, PLX204, modulates the function of three related targets, PPAR alpha, delta and gamma, as a pan-agonist. The modulation of these three receptors is expected to lower glucose, lower triglycerides and free fatty acids, and increase high-density lipoprotein (HDL), also known as good cholesterol, in a likely once daily pill.
Diabetic patients suffer not only from the effects of higher than normal levels of glucose, but also from imbalances in linked metabolic pathways resulting in abnormal levels of lipids, including triglycerides, fatty acids and cholesterol. Currently available treatments are primarily directed at either lowering glucose, such as AvandiaT , or lowering cholesterol, such as LipitorT. Therefore, generally several drugs must be taken concurrently to fully manage the disease.
To date, Plexxikon's preclinical studies of its PPAR pan agonist demonstrate key therapeutic benefits, including lowering of glucose, triglycerides and free fatty acids, and increasing HDL, while also demonstrating safety improvements compared to the leading marketed PPAR gamma drug for diabetes. The company has initiated IND-enabling toxicology studies and kilogram-scale manufacturing of PLX204. Plexxikon expects to file an IND (Investigational New Drug) in the fourth quarter of 2004 and initiate a Phase I/IIa human clinical trial to test this compound for the treatment of type 2 diabetes. In the Phase I/IIa trial, data will be generated to demonstrate safety and trends in activity of PLX204.
The CDC estimates that over 18 million people in the U.S. have diabetes, with over 90% having type 2 diabetes. Between 1999-2001, the percentage of adults with diabetes in the U.S. has increased by 65%. The increase in diabetes is believed to be linked to the trend in obesity. The CDC estimates 130 million people in the U.S., or 64% of the population, are either overweight or obese.
Plexxikon also recently completed a $15 million venture financing, including two new investors. In this Series B extension round, Yamanouchi Ventures Capital and NIF Ventures joined current investors Advanced Technology Ventures, Alta Partners, A.M. Pappas, CW Ventures, GIMV and Walden International. To date, the company has raised a total of $55 million.
"Plexxikon's recent financing will fund accelerated clinical development plans for our PPAR pan-agonist compound and support the generation of Phase I/IIa data for PLX204 in 2005-an important milestone for the company," said Kathleen Sereda Glaub, president and chief financial officer of Plexxikon. "From concept to potential IND candidate in less than 3 years, PLX204 is the first and powerful example of the quality, speed and efficiency of Plexxikon's Scaffold-Based Drug DiscoveryT platform. Our investors recognize the promise of PLX204 as well as the broad potential of our discovery engine."
Plexxikon Profile
Plexxikon is a leader in the discovery and development of novel small molecule pharmaceuticals to treat human disease. Plexxikon's proprietary Scaffold-Based Drug Discovery™ platform is being applied to build therapeutic franchises in metabolic and cardiovascular disease, inflammation and oncology. This discovery process integrates a number of state-of-the-art technologies, including structural screening as one key component that provides a significant competitive advantage over other drug discovery approaches. To date, the company has discovered a portfolio of clinical and preclinical stage compounds in each of these franchises.
Currently, the company's most advanced program is a PPAR pan-agonist for the treatment of diabetes and related cardiovascular complications, with the lead candidate now in Phase 2 clinical testing in collaboration with Wyeth Pharmaceuticals. Other discovery programs include a dual kinase inhibitor for the treatment of rheumatoid arthritis and other inflammatory diseases and a renin inhibitor for hypertension in collaboration with Servier. Plexxikon is seeking pharmaceutical and biotechnology partners for select collaboration opportunities. For more information, please visit www.plexxikon.com.
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