In the news release, Transave, Inc. Raises $35 Million Through Series DConvertible Preferred Stock Financing, issued yesterday, March 31, byTransave, Inc. over PR Newswire, the fifth paragraph, third sentence, shouldread "(0.3 micrometers)" rather than "(0.3 mm)," and in the same paragraph,fourth sentence, should read, "(~3.0 micrometers)" rather than "(~3.0 mm)" asincorrectly transmitted by PR Newswire. Complete, corrected releasefollows:
MONMOUTH JUNCTION, N.J., March 31 /PRNewswire/ -- Transave, Inc., abiopharmaceutical company focused on developing innovative inhaledpharmaceuticals for the site-specific treatment of serious lung diseases todayannounced that it has raised an aggregate of $35 million pursuant to itsrecently completed preferred stock offering. Joining the Company's Board areRichard Kollender from Quaker BioVentures and Steve Kraus from BessemerVenture Partners, the lead investors in the Series D financing. Alsoparticipating in the financing were TVM Capital, Prospect Venture Partners,Fidelity Biosciences, Forbion Capital Partners and Easton Capital, all havingpreviously taken a leading investment role in Transave.
"Proceeds from the financing will enable Transave to deliver Phase IIproof of concept data for our lead clinical compound, ARIKACE(TM) (liposomalamikacin for inhalation). We are on track to have Arikace Phase II clinicaldata in cystic fibrosis patients that have Pseudomonas lung infections thisyear. In addition, Phase II bronchiectasis data will be available in thefirst half of 2009," said Tim Whitten, President and Chief Executive Officerof Transave.
Tim Whitten further commented, "We extend a hearty welcome to our newestBoard Members, Rich Kollender and Steve Kraus who will add further depth toour Board. It is gratifying to receive significant financial support, notonly from our highly-regarded new investors, but also from our existinginvestors. The new funding serves to validate the great strides Transave ismaking in our clinical programs based on our once-daily, next-generationliposomal pulmonary delivery technology. And perhaps more importantly, thisfinancing will allow us to continue our mission to help patients that haveserious chronic pulmonary infections."
The securities sold in this private placement have not been registeredunder the Securities Act of 1933, as amended, and may not be offered or soldin the United States in the absence of an effective registration statement oran applicable exemption from the registration requirements of the SecuritiesAct. This press release shall not constitute an offer to sell or thesolicitation of an offer to buy the convertible preferred stock.
About ARIKACE (liposomal amikacin for inhalation)
ARIKACE is a form of the antibiotic amikacin that is enclosed innanocapsules of lipid called liposomes. This proprietary next-generationliposomal technology prolongs release of amikacin in the lung while minimizingsystemic exposure. The treatment uses biocompatible lipids endogenous to thelung that are formulated into small (0.3 micrometers) neutrally chargedliposomes that enable biofilm penetration and are highly efficient with verylow lipid to drug ratio (0.6). ARIKACE can be effectively delivered throughnebulization where the small aerosol droplet size (~3.0 micrometers)facilitates lung distribution. Two Phase II studies are currently beingconducted in patients that have CF and Pseudomonas lung infections in Europeand the United States. An abstract on the top line European Phase II data inCF has been accepted for presentation at the 31st European Cystic FibrosisConference in Prague in June. ARIKACE has been granted orphan drug status inthe United States by the FDA and orphan drug designation in Europe by theEuropean Medicines Agency (EMEA) for the treatment of Pseudomonas infectionsin patients with CF.
About Transave Inc.