HAYWARD, Calif., Nov. 19 Arete Therapeutics Inc., aprivately-held biotechnology company developing first-in-class soluble epoxidehydrolase (s-EH) inhibitors, today announced that it has closed the finaltranche of its Series A financing. Frazier Healthcare Ventures and AltaPartners co-led the $16.7 million tranche, which also included existinginvestors Burrill & Company, Three Arch Partners, and Altitude Life ScienceVentures. This financing completes the Series A round, bringing the totalamount raised to date to over $51 million.
"This financing provides substantial funding for Arete as we look towardthe initiation of our Phase II clinical trial in the first quarter of 2009using AR9281 for the treatment of metabolic syndrome," said James Sabry, M.D.,Ph.D., President and Chief Executive Officer of Arete Therapeutics. "Weappreciate our investors' continued commitment to the value of our s-EHinhibitor platform."
"In the last six months, Arete successfully completed a Phase I clinicaltrials' program for AR9281, expanded its executive management team andcompleted extensive preclinical studies of s-EH inhibitors," stated JamesTopper, M.D., Ph.D., Chairman of the Board of Arete Therapeutics and GeneralPartner of Frazier Healthcare Ventures. "Arete's extensive proprietaryposition in s-EH inhibitors, together with its efficient, focused drugdiscovery and development organization, position the Company to address thegrowing healthcare epidemic of metabolic syndrome and identify newtherapeutics for cardiovascular and inflammatory disease."
About Arete Therapeutics Inc.
Arete Therapeutics is a privately-held biotechnology company dedicated tothe discovery and development of novel drugs to treat metabolic, inflammatoryand cardiovascular disease. It is the world's leading company focused on s-EH(soluble epoxide hydrolase), an important enzyme for the metabolism ofarachidonic acid that plays an essential role in metabolic, inflammatory andcardiovascular physiology. The Company was founded by Dr. Bruce Hammock, aProfessor at the University of California, Davis, who discovered s-EH. Formore information on Arete Therapeutics, please visithttp://www.aretetherapeutics.com.
SOURCE Arete Therapeutics Inc.