Fremont, Calif. – February 14, 2006 – LAWFUEL – The Law News Network – ARYx Therapeutics Inc., a private drug discovery and development company, announced today that it has completed a $30.4 million Series E financing led by Ascent Biomedical Ventures. The company plans to use the funds to continue developing its three clinical programs, ATI-2042, ATI-7505 and ATI-5923 through to proof of concept Phase 2 data. The company expects to seek partnerships for each of its products upon successful proof of concept.
In addition to Ascent Biomedical Ventures, the Company’s existing investors, including MPM Capitol, Nomura Phase4 Ventures, OrbiMed, Merlin BioMed, JAFCO Life Science Invesments, Scottish Widows Investment Partnership, Montreux Equity Partners and Novel Bioventures, participated in the fundraising.
“We are pleased that our investors, both new and existing, have provided the company with the resources necessary to continue to move our products through the clinic towards proof of concept,” said Dr. Paul Goddard, chairman and chief executive officer of ARYx Therapeutics. “This financing gives the company a lot of flexibility as it provides sufficient resources to enable the company to aggressively pursue all three clinical programs. Based upon our current plans, the financing will allow us to complete the proof of concept studies on all three of our products that are currently in the clinic. We are expecting the first proof of concept data later this month on ATI 7505, currently being tested in patients with GERD.”
“Ascent Biomedical Ventures is excited to lead this investment in ARYx Therapeutics. ARYx has an outstanding team of professionals who have developed a unique approach to addressing toxic metabolic side effects in drugs with known efficacy. The company has proven extremely effective in moving three of their drug candidates into the clinic. We have high hopes for the future of the company,” said Geoffrey Smith, a General Partner of Ascent Biomedical Ventures.
ARYx anticipates that through the application of its proprietary retrometabolic chemistry approach, the company can address and resolve safety issues associated with well-established and commercially successful drugs. Based on this approach, ARYx has advanced three products into human clinical trials. ATI-7505, a treatment for gastroesophageal reflux disease (GERD) and gastroparesis, and ATI-2042, a treatment for atrial fibrillation, are both in Phase 2. ATI-5923 is an oral anti-coagulant therapy currently in Phase 1 clinical testing.
About Ascent Biomedical Ventures
Ascent Biomedical Ventures is a New York City-based venture capital firm focused on investing in emerging biomedical technology companies developing medical devices, biopharmaceuticals, and diagnostics. For more information on the fund, please see the fund’s website at www.abvlp.com.
About ARYx Therapeutics Inc.
ARYx Therapeutics is a privately-held pharmaceutical research and development company focused on addressing safety concerns in well-established and commercially successful existing therapies through application of its proprietary ARYx RetroMetabolic (ARM™) drug design. ARYx improves today’s drugs, making proven therapies safer. ARYx currently has three products in clinical trials. ARYx Therapeutics was founded in 1997 by Peter Milner and Pascal Druzgala. For more information on the company, please see the company’s web site at www.aryx.com.