Vicept Therapeutics Secures $10 Million to Complete Series A Funding;
Company to Develop Lead Product for Rosacea and Other Topical Agents for
the Treatment of Skin Disorders
June 30, 2010
Series A Totaled $16 Million led by Vivo Ventures, Sofinnova Ventures
and Fidelity Biosciences
Malvern, PA – Vicept™ Therapeutics Inc., a privately held specialty
biopharmaceutical company dedicated to developing the first effective
topically applied therapy for erythema (facial redness) of rosacea,
announced today that it has secured $10 million to complete a total $16
million Series A financing. The Series A was led by Vivo Ventures,
Sofinnova Ventures and Fidelity Biosciences. Proceeds from the financing
will be used to fund Phase I and II development of V-101, the company’s
lead investigational product for the treatment of rosacea, as well as a
second product to treat various forms of bruising and purpura.
"We are focused on creating and developing novel products for use in the
largest and fastest growing sectors of the dermatology market," said Dr.
Neal Walker, president and chief executive officer of Vicept. "There is
a significant and unmet need in the industry for an effective topical
therapy for the erythema, or facial redness, associated with rosacea."
Rosacea is a common, chronic condition of the skin. An estimated 16
million people in the United States and over 45 million people worldwide
are affected by rosacea. Rosacea typically occurs in a central facial
distribution (cheeks, nose, forehead, and chin) and is most commonly
associated with a history of flushing or blushing (transient erythema),
persistent facial redness (nontransient erythema), facial
telangiectasias (blood vessels), and papules and/or pustules which may
resemble acne,.
"We are delighted by the strong investor interest in this round of
financing which will allow us to continue to advance the development of
our product pipeline utilizing our novel, patent protected α-adrenergic
receptor technology for the treatment of diseases of the skin," added
Dr. Walker. "With this investment, we will have the necessary resources
to continue progress with our lead candidate through Phase II for
rosacea as well as pursuing other dermatologic conditions including
actinic purpura and peri-procedural bruising of the skin."
"We believe Vicept’s product pipeline has the potential to fulfill a
variety of unmet needs in the dermatology market. We are excited to
partner with the outstanding team of investors and management of the
company to help grow the company and its products to the next level,"
said Albert Cha, M.D., Ph.D., managing partner of Vivo Ventures.
Vicept was co-founded in 2009 by Dr. Neal Walker, Vicept’s president and
chief executive officer, who is also a board certified dermatologist.
Dr. Walker has co-founded a number of life science companies and brings
more than 16 years of pharmaceutical industry experience in research and
development, regulatory affairs, and business development to the Vicept
team.
Stephen Tullman, co-founder of and president and CEO of the former
Ception Therapeutics (now Cephalon), serves as Executive Chairman of the
Board of Directors of Vicept. Also joining Dr. Walker on Vicept’s Board
of Directors are Albert Cha, M.D., Ph.D., managing partner at Vivo
Ventures, Thomas Beck, M.D., venture partner at Fidelity Biosciences,
and Anand Mehra, M.D., partner at Sofinnova Ventures.
About Vicept Therapeutics Inc.
Vicept Therapeutics Inc. is a privately held specialty biopharmaceutical
company with a mission to develop the first effective topically applied
therapy directed toward the erythema of rosacea and other disorders
characterized by redness and or 'flushing' of the skin. The company is
also pursuing the development of topical agents for the treatment and
prevention of a number of medical and cosmetic indications including
bruising of the skin. The company is based in Malvern, Pennsylvania and
more information can be found by visiting the company’s website at
www.vicepttx.com.
About Vivo Ventures
Vivo Ventures is a life-sciences focused venture capital firm formed in
1996 with over $650M under management. With over 90 years of scientific
and operational expertise in biotechnology, Vivo makes investment
decisions for the Funds and helps its portfolio companies develop
corporate strategy, arrange licensing agreements and strategic
alliances, recruit key management personnel, and acquire new products
and technology to accelerate growth. Its current portfolio includes more
than 60 private and public biotechnology companies in the areas of
biopharmaceuticals, specialty pharmaceuticals, and medical devices. For
more information, please visit
www.vivoventures.com.
About Sofinnova Ventures
Sofinnova Ventures has over 30 years of experience building start-ups
and spin-outs into market leaders. With $1 billion under management, the
firm applies capital and expertise to guide early stage companies to
successful exits. Sofinnova Ventures specializes in clinical and late
preclinical investments in biopharmaceutical products. The team of
investors consists of M.D.s and Ph.D.s with significant scientific,
operational, and strategic experience in this highly technical field.
Sofinnova seeks products that meet previously unmet medical needs with
clear mechanisms and strong, supportive data. A core focus for Sofinnova
Ventures is spin-outs of products or technology, and the team has
generated some of the strongest returns in the last ten years—partnering
with entrepreneurs to create cutting-edge drugs and therapeutics. More
information is available at
www.sofinnova.com.
About Fidelity Biosciences
Fidelity Biosciences, a division of Fidelity Investments, invests
venture capital in private biopharmaceutical and medical technology
companies. For more than 30 years, Fidelity Investments has been a
significant presence in the venture capital and private equity industry,
investing the firm's own capital since 1969. This provides Fidelity
Biosciences with the flexibility and capabilities of traditional venture
capital firms while eliminating the additional pressures of fundraising.
The result is a clear focus on building long-term value for Fidelity,
its management partners, and co-investors. For more information, please
visit
www.fidelitybiosciences.com.
Media Contact
Mike Beyer, Sam Brown Inc.
773-463-4211
beyer @sambrown.com
