July 8, 2009
Intellikine
Completes $51 Million Financing
LA JOLLA, CA – JULY 8, 2009 – Intellikine, Inc., a leader in
the development of innovative, small molecule drugs for the treatment
of cancer, inflammation and autoimmune diseases, announced today
that it has raised $51 million in preferred stock financing.
Novartis Bioventures Ltd. led the financing in which additional
new investors U.S. Venture Partners, Biogen Idec and FinTech
Global Capital participated. Markus Goebel, M.D., Ph.D., Managing
Director of the Novartis Venture Funds, will join the company’s
board of directors.
The investment includes a $28.5 million first closing. In addition,
the company can access up to another $22.5 million, subject to
the performance of certain milestones, which, if triggered, will
bring the total amount raised in this round to $51 million. This
latest financing comes less than two years after the company
was formed with an initial investment of $12.5 million from founding
investors Abingworth, CMEA Capital and Sofinnova Ventures, all
of whom participated in this latest financing.
Intellikine is developing a portfolio of isoform-selective inhibitors
of the phosphatidyinositol-3-kinase (PI3K) pathway for the treatment
of cancer, inflammation and autoimmune diseases. The company
has discovered multiple classes of proprietary compounds that
are potent, selective and druglike inhibitors of PI3K isoforms.
The company’s most advanced compound, INK128, a selective TORC1/2
inhibitor, has demonstrated efficacy in multiple models of cancer
and is expected to enter Phase I clinical studies within twelve
months.
“We are delighted to have generated such excitement among both
new and existing investors,” said Troy Wilson, Ph.D., J.D., President
and Chief Executive Officer of Intellikine. “This financing gives
us the resources necessary to advance our pipeline of PI3K/mTOR
inhibitors into clinical development as well as significant flexibility
to build strategic partnerships to deliver the best medicines
for patients and the greatest value for our investors.”
“Intellikine has rapidly assembled one of the best pipelines
against a very important class of drug targets,” commented Markus
Goebel, Managing Director, Novartis Venture Funds. “I am very
much looking forward to working with the management team and
board to build the company and, in particular, to establish clinical
proof of concept for the company’s lead programs.”
About Intellikine
Intellikine is a leader in the discovery and development of novel,
small molecule therapies targeting the PI3K/mTOR pathway for
the treatment of cancer, inflammation and autoimmune diseases.
Intellikine has discovered multiple classes of proprietary compounds
that selectively target isoforms of the PI3K pathway. The company’s
most advanced compound, INK128, a potent and selective TORC1/2
inhibitor with exceptional drug-like properties is scheduled
to enter Phase I clinical evaluation within 12 months. Intellikine
is developing PI3K-delta/gamma dual-selective inhibitors for
the treatment of cancer, inflammatory and respiratory diseases
and PI3K-alpha/beta selective inhibitors for the treatment of
solid tumor malignancies as well as other isoform-selective inhibitors
of the PI3K/mTOR pathway. Intellikine is a private company based
in La Jolla, California.