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Meritage Pharma is committed to the development of prescription productsbased on proven safe and effective molecules to meet the unmet needs ofpatients and their caregivers. Meritage Pharma's initial product candidate isintended for the treatment of allergic inflammation of the gastrointestinaltract. This product candidate was acquired from Verus Pharmaceuticals, Inc.,in a transaction also announced today by Verus.
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In connection with the Series A financing, Meritage Pharma announced itsfounding management team: Cam L. Garner, Chairman; Elaine M. Phillips,President and Chief Executive Officer; Malcolm R. Hill, Chief ScientificOfficer; and Adam K. Simpson, Chief Business Officer. In addition to Mr.Garner, Meritage Pharma's Board of Directors is comprised of James C. Blair,Partner of Domain Associates; Kenneth J. Widder, Partner of Latterell VenturePartners; and Elaine M. Phillips.
"With the support of these leading venture capital investors, thecompletion of the acquisition from Verus and the formation of our managementteam, we are well positioned to execute our strategy," said Dr. Phillips. "Weintend to use the proceeds of this financing to continue the development ofthis initial product candidate and to look for additional productopportunities."
"Meritage Pharma's founding management team has an established trackrecord of building specialty pharmaceutical companies and in identifying anddeveloping novel products for the treatment of atopic conditions," said Dr.Blair. "We are excited to support the Meritage Pharma team in theirendeavors."
More information about Meritage Pharma is available at meritagepharma.com.
Forward-Looking Statements
Meritage Pharma cautions you that statements included in this pressrelease that are not a description of historical facts may be forward-lookingstatements. The inclusion of forward-looking statements should not be regardedas a representation by Meritage Pharma that any of its plans will be achieved.Actual results may differ materially from those set forth in this pressrelease due to the risks and uncertainties inherent in Meritage Pharma'sbusiness including, without limitation, statements about: difficulties ordelays in developing, obtaining regulatory approval, manufacturing andcommercializing its products; unexpected performance or side effects of itsproducts that could delay or prevent development or commercialization; thescope and validity of patent protection for its products; competition fromother pharmaceutical companies; and its ability to obtain additional financingto support its operations. All forward-looking statements are qualified intheir entirety by this cautionary statement and Meritage Pharma undertakes noobligation to revise or update this press release to reflect events orcircumstances after the date hereof.
SOURCE Meritage Pharma, Inc.
