Cardioxyl Pharmaceuticals Closes $14.5M Series A Financing
December 6 2006 - Cardioxyl Pharmaceuticals, Inc., today announced that it has secured $14.5 million in a Series A venture financing. Proceeds from this round, which was co-led by The Aurora Funds and New Enterprise Associates (NEA), will be used to advance its nitroxyl donor program for the treatment of Acute Decompensated Heart Failure (ADHF).
"Cardioxyl is eager to build on the initial discoveries of its scientific co-founders," commented Peter D. Suzdak, Ph.D., president and CEO of Cardioxyl. "We are very pleased to have the support of NEA and The Aurora Funds, and I look forward to working with them as we advance our programs from the laboratory into the clinic."
Cardioxyl's mission is the discovery and development of new classes of safe and effective therapeutic agents for the treatment of cardiovascular disease. Cardioxyl's initial program is based on a novel technology developed at Johns Hopkins University by David Kass, M.D., John P. Toscano, Ph.D., Nazareno Paolocci, M.D., Ph.D., and their scientific collaborators.
"Cardioxyl's founders include scientists who are acknowledged leaders in their field and executives with deep experience in this specialty," said NEA's Robert Garland, M.D. "The team is working on novel solutions to an important clinical problem. We look forward to working with Cardioxyl and Aurora to further develop these innovative therapies."
As a result of this investment, Cardioxyl announced the addition of three new members to the company's board of directors. From NEA come M. James Barrett, Ph.D. and Robert Garland, M.D.; Chris Kroeger, M.D. will represent The Aurora Funds.
"Heart failure is a complex disease of immense proportions, with few good medical therapies available," said Chris Kroeger, M.D., of Aurora. "We anticipate great things will come from Cardioxyl; Nitroxyl holds great promise to improve the lives of many patients."
About Acute Decompensated Heart Failure (ADHF):
There are more than 22 million people worldwide currently diagnosed with congestive heart failure (CHF), with an additional 1.4 million people diagnosed each year. CHF has a five-year mortality rate of 50%, and claims almost as many lives each year as the next seven leading causes of death combined. The prevalence of CHF is expected to rise in the future due to aging in the general population and an increase in the prevalence of obesity and diabetes.
As CHF progresses, the risk of an acute exacerbation increases significantly. ADHF is the leading diagnosis at the time of discharge from U.S. hospitals and is the most common cause of hospitalization for patients over 65 years of age. In 2002, the number of patients diagnosed with ADHF exceeded 6.8 million world-wide. This number is expected to increase to 8.0 million patients by 2012.
About Cardioxyl Pharmaceuticals
Founded in 2005 and headquartered in Towson, Maryland, Cardioxyl Pharmaceuticals' mission is the discovery and development of new classes of safe and effective therapeutic agents for the treatment of cardiovascular disease. Their initial program is a novel medication for the treatment of acute congestive heart failure. The treatment is based on extensive scientific work from the laboratories of research leaders at Johns Hopkins University and Medical School and their scientific collaborators.
About The Aurora Funds:
The Aurora Funds is a venture capital firm that provides capital, connections and strategic guidance to entrepreneurs with early-stage healthcare and information technology companies. Founded in 1994, Aurora manages over $230 million in five venture funds. Aurora has invested in more than 60 companies across its five funds and has co-invested with over one hundred venture funds as well as over 20 corporate investors. Aurora has had numerous successful exits through IPO and M&A transactions. For more information, visit www.aurorafunds.com.
About New Enterprise Associates (NEA):
New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same basic principles: support their entrepreneurs, provide an excellent return to their limited partners and practice their profession with high standards and respect. Practicing classic venture capital for 28 years, NEA focuses on investments at all stages of a company's development, from seed-stage through IPO. With approximately $8.5 billion in committed capital, NEA's experienced management team has invested in over 500 companies, of which more than 150 have gone public and more than 200 have been acquired. NEA has offices in Reston, Virginia, Menlo Park, California and Baltimore, Maryland. For additional information, visit www.nea.com.
Christopher A. Kroeger,