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Kereos Secures $19.5
Million in Series B Financing
Funding Will Support Clinical Trials
of Targeted
Cancer Imaging Agents andDrugs
ST. LOUIS, MO. – SEPTEMBER 20, 2005
Kereos, a biotechnology company developing
targeted imaging agents and therapeutics to improve the detection
and treatment of cancer and cardiovascular disease, announced
today that it has raised $19.5 million in a Series B venture
financing. The funding will enable Kereos to advance its lead
product candidates KI-0001, a targeted imaging agent to detect
various solid tumors, and KI-1001, a targeted chemotherapeutic
to selectively destroy tumors, through Phase I/II clinical
trials.
New investors Prolog Ventures, Triathlon
Medical Ventures and Charter Life Sciences led the round along
with existing investor RiverVest Venture Partners. Existing
investor Barnes-Jewish Hospital also participated in the round.
Additional new investors included Alafi Capital, Apjohn Ventures,
Harris and Harris Group, Lux Capital, MB Venture Partners,
Sigvion Capital and Vectis Life Science, as well as corporate
investors Genentech and Royal Philips Electronics.
"This financing will support proof-of-concept
studies with Kereos' tumor-targeted magnetic resonance imaging
(MRI) agent, which supports early cancer diagnosis by allowing
physicians to see tumors as small as 1 to 2 mm in size, and
our targeted chemotherapeutic, which delivers potent doses
of paclitaxel directly to the tumor," said Robert Beardsley,
Ph.D., President and CEO of Kereos. "At the same time,
Kereos is working in collaboration with corporate and academic
partners to develop similar targeted imaging agents and targeted
therapeutics for cardiovascular disease."
"Physicians, healthcare payors and
the FDA are all pushing not only for more targeted cancer drugs,
but also for the ability to select patients most likely to
respond to them, and Kereos is bringing both forward," said
Gregory Johnson, Ph.D., Managing Director of Prolog Ventures. "Since
their cancer diagnostic and therapeutic leverage the same technology
and target the same cancer biomarker, the intensity of the
tumor during diagnostic MRI with the imaging agent has been
shown to effectively predict which tumors are most likely to
respond to the chemotherapeutic. With this, Kereos has achieved
a true pairing of complementary molecular imaging and treatment
technologies."
"We are delighted to have attracted
such an experienced group of investor partners, whose financial
support and development expertise will be invaluable as we
initiate clinical trials next year," added Constantine
Anagnostopoulos, Ph.D., Chairman of the Board at Kereos. "Kereos
was founded on the work of Drs. Gregory Lanza and Samuel Wickline
at Washington University School of Medicine in St. Louis, supported
by the National Cancer Institute (NCI), expanded by working
with major companies such as Bristol-Myers Squibb Medical Imaging
and Philips' Medical Systems division, and with our new investor
partners is now poised to advance into the clinic."
About Kereos
Kereos develops products designed to provide more effective detection and treatment
of cancer, the first two of which are expected to enter clinical trials for
solid tumors in 2006. The company's proprietary technology pairs diagnosis
and therapy by targeting imaging agents or therapeutics specifically to the
disease site. The company's targeted imaging agents allow more accurate and
sensitive imaging, and its targeted chemotherapeutics deliver potent and
precise therapy. In addition to advancing its internal pipeline, Kereos is
working with leading pharmaceutical and imaging companies, including Bristol-Myers
Squibb Medical Imaging on the development and commercialization of cardiovascular
disease magnetic resonance imaging (MRI) agents and Philips Medical Systems
on the development of molecular imaging systems. Kereos is headquartered
in St. Louis at the Center for Emerging Technologies.
For more information,
visit Kereos' website at www.kereos.com.
MEDIA RELATIONS CONTACT:
Trista Morrison or Jennifer MacArthur
Atkins + Associates for Kereos
858-527-3490 or 858-527-3497
tmorrison@irpr.com or jmacarthur@irpr.com
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