PALO ALTO, Calif., Jan. 6 Anacor Pharmaceuticals todayannounced that it has raised $50 million through a preferred stock financingwith participation from GlaxoSmithKline, Schering Corporation and existinginvestors including Rho Capital Partners, Venrock Associates, Care Capital andAberdare Ventures. Proceeds from the financing will be used to furtherdevelop Anacor's product pipeline based on its boron chemistry platform.
"We are pleased to complete this financing, which will allow us to advanceour five clinical programs and to identify and progress new compounds derivedfrom our boron chemistry platform," said David Perry, Chief Executive Officerat Anacor Pharmaceuticals.
The investments from GSK and Schering Corporation fulfill each company'sinvestment obligations pursuant to their respective and ongoing collaborationswith Anacor. At the conclusion of the financing, the combined ownership ofGSK and Schering Corporation will be less than 20 percent of Anacor'soutstanding shares.
About Anacor Pharmaceuticals
Anacor is a biopharmaceutical company developing novel small moleculetherapeutics derived from its boron chemistry platform. Anacor has focusedinitially on developing topical applications of its compounds to treat fungal,bacterial and inflammatory diseases. Anacor's most advanced product candidateis AN2690, a novel topical antifungal in development for the treatment oftoenail onychomycosis, which is a fungal infection of the nail and nail bed.AN2690 is licensed to Schering under a worldwide development andcommercialization agreement for all indications including the treatment ofonychomycosis. Anacor also has a research and development collaboration withGlaxoSmithKline for the discovery, development, manufacture and worldwidecommercialization of novel systemic therapeutics for viral and bacterialdiseases utilizing Anacor's boron-based chemistry. For more information visithttp://www.anacor.com.
This press release contains forward-looking statements, includingstatements regarding the future use of proceeds and our ability to identifyand develop current and future product candidates. These statements relate tofuture events and involve known and unknown risks, uncertainties and otherfactors that could cause actual levels of activity, performance or achievementto differ materially from those expressed or implied by these forward-lookingstatements. Some factors that may affect these forward-looking statementsinclude, but are not limited to, undesirable effects from our productcandidates, clinical failure at later stages of development and unexpectedtermination of existing partnerships. These statements reflect the views ofAnacor as of the date of this press release with respect to future events and,except as required by law, it undertakes no obligation to update or revisepublicly any forward-looking statements, whether as a result of newinformation, future events or otherwise after the date of this press release.
SOURCE Anacor Pharmaceuticals