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FOR IMMEDIATE RELEASE
Therion Completes
$10.5 Million Financing to
Accelerate Cancer Vaccine Development
-- Portfolio includes
seven vaccines in Phase I
and Phase II clinical trials
--
Cambridge, MA, June 28,
1999 - Therion Biologics Corporation announced
today that it has completed a $10.5 million equity
financing. Proceeds will be used to accelerate
development of its seven therapeutic cancer
vaccines currently in Phase I and Phase II clinical
trials and to advance additional vaccines into
human testing.
New investors included lead investor Sofinov, a
subsidiary of the Caisse de dépôt et
placement du Québec in Montreal; Pacific
Horizon Ventures of Seattle, Washington; and
BioVentures Investors of Worcester, Massachusetts.
Also participating were the Company's major
existing shareholders: SR One Limited, H&Q
Healthcare Investors, H&Q Life Science
Investors, Loeb Investors, Venture Capital Fund of
America, Northwood Ventures, New York Life
Insurance Company, Singapore Bio-Innovations and
Sidney R. Knafel. Hambrecht & Quist LLC acted
as Therion's financial advisor and placement agent
for the financing. In conjunction with the
financing, Trudie Resch, Manager of Sofinov, was
appointed to Therion's Board of Directors.
"Cancer vaccines have emerged as one of the most
promising new areas of cancer therapy. Therion has
established itself as a leader in this field," said
Denis Dionne, President of Sofinov. "Therion has
built a rich product pipeline and demonstrated an
ability to rapidly and cost-effectively move new
products into the clinic. This investment in
Therion is part of Sofinov's strategy to fund
innovative and cutting-edge biotechnology and
information technology companies."
"The success of this financing reflects the notable
clinical and commercial progress we have made over
the last 18 months," said Dennis L. Panicali,
Ph.D., President and Chief Executive Officer of
Therion. "Our first two products, for prostate and
colorectal cancer, entered Phase II clinical
studies, we expanded our Phase I programs with
additional protocols, and we entered our first
corporate alliance, with Pasteur Mérieux
Connaught. We are poised to enter the clinic with a
number of new vaccines in the coming months."
Therion's approach is based on combining live
recombinant pox virus vectors with tumor-specific
antigens, co-stimulatory molecules, and
immune-modulating proteins, the molecular
components necessary to stimulate a potent and
specific immune response against cancer cells.
Therion has developed these proprietary
immunotherapy products as part of two Cooperative
Research and Development Agreements (CRADAs) with
leading researchers at the National Cancer
Institute (NCI). In addition, the Company is
developing preventive vaccines for AIDS in a
program supported by the National Institute of
Allergy and Infectious Disease (NIAID).
Therion Biologics Corporation is engaged in the
development of therapeutic vaccines for cancer and
preventive vaccines for AIDS. Currently, Therion
has seven products in Phase I and Phase II clinical
development for the treatment of major cancers,
including prostate and colorectal cancer and
melanoma. The Company also has a major corporate
alliance with Pasteur Mérieux Connaught for
the development of therapeutic colorectal cancer
and melanoma vaccines. Therion is headquartered in
Cambridge, Massachusetts.
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Contacts:
Dennis L. Panicali, Ph.D.
President and CEO
Therion Biologics Corporation
(617) 876-7779
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Robert Gottlieb or
Sharon Karlsberg
Feinstein Kean Healthcare Inc
(617) 577-8110
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