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Tranzyme
Pharma Completes US$32 Million Financing
RESEARCH TRIANGLE PARK, N.C. and
SHERBROOKE, Québec (May 13, 2005) – Tranzyme Pharma, a leading
biopharmaceutical company developing novel mechanism-based
therapeutics for the treatment of gastrointestinal (GI)
disorders, announced today that it has completed an
oversubscribed round of private financing, raising a total of
$32 million. The financing was led by H.I.G. Ventures, Thomas,
McNerney & Partners and Quaker BioVentures. Additional
participants in the round included existing investors, Business
Development Bank of Canada (BDC Venture Capital), Desjardins
Venture Capital, Pacific Rim Ventures and The Solidarity Fund (FTQ).
As part of this financing, $6 million in previously issued notes
have been converted into equity shares.
“This financing brings together an international group of
investors committed to advancing the Company's therapeutics
through the clinic,” said David J. Drutz, M.D., Chairman of
Tranzyme Pharma and General Partner, Pacific Rim Ventures. “The
Company has made outstanding progress in the last twelve months
and has met or exceeded all of its development milestones.”
“We are very pleased that Tranzyme’s progress has allowed us to
attract an outstanding group of investors,” stated Vipin K.
Garg, Ph.D., President and Chief Executive Officer of Tranzyme
Pharma. “The funds raised in this round of financing will allow
us to accelerate the clinical development of our lead compounds
and focus on additional discovery and pre-clinical development
efforts to expand our pipeline.”
The Company’s lead product, TZP-101, is expected to enter
clinical trials for the treatment of post-operative ileus before
the end of 2005. The Company also has novel small molecule
compounds in its preclinical pipeline for diabetic gastroparesis,
irritable bowel syndrome and functional dyspepsia. Unlike most
current therapeutic approaches to GI disorders that address only
symptomatic relief, Tranzyme Pharma’s “mechanism-based”
therapies directly target the site of pathophysiological
disturbance and correct the underlying condition.
Upon the close of the financing, three new members have joined
the Tranzyme Pharma board of directors: Aaron Davidson, managing
director of H.I.G. Ventures, Alex Zisson, venture partner at
Thomas McNerney & Partners, and Brenda Gavin, managing partner
of Quaker BioVentures.
“Tranzyme’s ability to discover, optimize and develop
first-in-class drugs combined with their experienced management
team makes this an attractive investment opportunity,” stated
Aaron Davidson, managing director H.I.G. Ventures. “This Company
is poised to achieve tremendous success and H.I.G. Ventures is
excited to be involved.”
About H.I.G. Ventures
H.I.G. Ventures is one of the largest and most successful
venture capital firms in the Southeast United States with more
than $550 million of capital under management. H.I.G. Ventures
is focused on investments in emerging high-growth companies
across the information technology and life sciences industries
and in early-stage and mid-stage companies that have significant
potential for growth and value creation. H.I.G. Capital is a
leading private equity and venture capital investment firm with
more than $2 billion of equity capital under management. For
more information, please visit: www.higventures.com.
About Thomas, McNerney & Partners
Thomas, McNerney & Partners, LLC, is a health care private
equity firm that invests in life science and medical technology
companies. The firm's partners have successfully funded
companies at all stages of their development, having
collectively invested over $500 million in more than 40
entities. With a multi-stage investment approach, Thomas,
McNerney & Partners provides seed and early stage funding to
help entrepreneurs launch companies, as well as growth capital
to emerging companies for furthering clinical development or for
expansion of product commercialization. For more information,
please visit: www.tm-partners.com.
About Quaker BioVentures
Quaker BioVentures is a $280 million venture capital firm
dedicated to investing in life science companies located in the
Mid-Atlantic region. The firm leads investments in companies
across the spectrum of the life science industry, including
biopharmaceuticals, medical devices, human diagnostics, health
information technology, and healthcare services. Quaker
BioVentures invests in companies at varying stages of
development, from early stage businesses to public companies.
For more information, please visit: www.quakerbio.com.
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