| May 18,
2005
BioMimetic Pharmaceuticals Raises
Additional $11.8 Million in Equity
Financing
Franklin, TN, May 18, 2005 –
BioMimetic Pharmaceuticals, a bio-therapeutics
company focused on the development
of products for the treatment of musculoskeletal
disorders, today announced a second
closing of its Series C round of financing
raising an additional $11.8 million.
This brings the total funds raised
in the Series C round to approximately
$38 million. The Company raised
$25.7 million in an earlier closing
of the Series C round. Investors
in the most recent financing include
Noro-Moseley, PTV Sciences, Axiom
Ventures and HSS Ventures. Prior
investors in the round included InterWest
Partners, CMEA Ventures, MC Life Science
Ventures, Burrill & Company, Novo
A/S, Holden Capital, MB Venture Partners,
and Knowledge Ventures LLC.
“We are pleased with the level
of support that we received from both
the new and existing investors in
this Series C financing,” commented
Samuel E. Lynch, D.M.D., D.M.Sc.,
Chairman and Chief Executive Officer
of BioMimetic Pharmaceuticals.
“In addition to supporting the
final phases of FDA approval and the
launch of our lead product candidate,
GEM 21STM, the additional funds raised
will help us advance our multi-product
orthopedic pipeline deep into clinical
development. The total amount
of funding obtained from our Series
C round demonstrates the high level
of enthusiasm and support from the
investment community for our product
development strategy.”
The funds raised in this financing
will also be used to build commercial
inventory for the Company’s
lead product candidate GEM 21STM,
being developed for the treatment
of bone defects in the jaw and maxillofacial
region, add key personnel, and expand
the Company’s corporate facilities
to include research and development
space. With the closing of this
financing, BioMimetic has now raised
approximately $51 million in equity
funding since inception in 2001.
“Noro-Moseley is excited to
join BioMimetic in its development
of novel therapeutics for the treatment
of musculoskeletal disorders,”
stated Rusty French, Partner at Noro-Moseley.
“The Company’s initial
focus on products to stimulate the
regeneration of bone addresses a large
and growing need that has been at
the forefront of research for manyyears.
The success of the Company’s
lead product candidate to stimulate
the growth of bone, as demonstrated
in human clinical studies, is a critical
milestone in validating the technology
for future product development in
orthopedic and spine applications.”
“One of the key points in our
decision to invest in BioMimetic,”
commented Evan S. Melrose, M.D., Managing
Director at PTV Sciences, “was
Company management’s proven
ability to execute on its product
development strategy. This has led
to the rapid advancement of the Company’s
lead product candidate into and through
clinical development, positioning
the Company to launch its first product
later this year. This clearly
places BioMimetic as a leader in the
development of true biological-based
therapies for the treatment of bone
injuries.”
GEM 21STM is a fully synthetic regeneration
system combining recombinant human
platelet-derived growth factor BB
(rhPDGF-BB) with a resorbable synthetic
bone matrix (Beta-tricalcium phosphate).
GEM 21STM has advanced through pivotal
clinical studies, receiving a unanimous
approval recommendation from the FDA’s
Dental Advisory Panel. The Company,
which has entered into an exclusive
world-wide marketing and distribution
partnership with Luitpold Pharmaceuticals,
a division of Sankyo Pharmaceuticals,
for GEM 21STM, anticipates product
approval later this year.
Beyond GEM 21STM, the Company is
developing a pipeline of product candidates
that target diverse orthopedic indications
including open and closed fractures,
vertebral compression fractures in
the spine and sports medicine applications
such as cartilage, tendon and ligament
repair. The Company expects
to initiate clinical trials in fracture
repair in 2005.
About BioMimetic Pharmaceuticals
BioMimetic Pharmaceuticals, Inc. is
a late-stage bio-therapeutics company
focused on the development and commercialization
of innovative protein-based products
for the treatment of musculoskeletal
and orthopedic disorders including
bone, cartilage, tendon and ligament
injuries - the most frequent cause
of disability worldwide. For more
information visit www.biomimetics.com.
Forward-looking Statements
This press release contains "forward-looking
statements" within the meaning
of the Private Securities Litigation
Reform Act of 1995. These forward-looking
statements are based on the current
intent and expectations of the management
of BioMimetic Pharmaceuticals. These
statements are not guarantees of future
performance and involve risks and
uncertainties that are difficult to
predict. BioMimetic’s actual
results and the timing and outcome
of events may differ materially from
those expressed in or implied by the
forward-looking statements because
of risks associated with our unproven
preclinical and clinical development
activities, regulatory oversight,
intellectual property claims, litigation
and other risks. Except as required
by law, BioMimetic undertakes no obligation
to update any forward-looking or other
statements in this press release,
whether as a result of new information,
future events or otherwise.
Contact:
Charles E. Hart, Ph.D.
Vice President – Chief Scientific
Officer
BioMimetic Pharmaceuticals, Inc.
330 Mallory Station, Suite A-1
Franklin, TN 37067
(615) 844-1280
ch@biomimetics.com
ABOUT AXIOM VENTURE PARTNERS
Axiom Venture Partners provides capital
and strategic assistance to rapidly
growing high technology companies.
With over $185M in committed capital
under management, the firm has particular
emphasis in three main areas: Communications,
Software Infrastructure/Internet,
and Biotechnology. Axiom invests from
early to late stages, is active throughout
the United States, and has five investment
professionals in two offices. Axiom
has had multiple IPOs and transactions
and ranks in the top quartile for
venture funds in returns. The firm
is currently investing Axiom Venture
Partners III.
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