TransTech closes on $34.5m
TransTech Pharma Inc. of High Point recently closed on two rounds of preferred stock agreements totaling $24.5 million.
The company will use a portion of the proceeds to advance two small-molecule programs toward clinical trials and three others into pre-clinical testing. The company’s Translational Technology TM, an automated and integrated drug discovery process, has helped the company identify potential drug candidates for the treatment of diabetes, cancer, inflammation, Alzheimer’s disease and thrombosis.
New York-based MacAndrews & Forbes Holdings and research partners Novo Nordisk A/S of Bagsvaerd, Denmark, and Cephalon Inc. of West Chester, Penn., were the largest contributors to the two rounds. The investors have also secured options to invest another $10 million during 2003.
“We believe that these substantial equity investments in our company demonstrate confidence in our innovative technologies, our ability to accelerate the drug development process and our various drug discovery programs,” said Adnan Mjalli, Ph.D., the company’s founder, president and CEO.
TransTech plans to move two internal programs into Phase I clinical trials during 2003. The two programs are focused on advancing novel, orally bio-available small-molecule antagonists that are directed at novel protein-protein interactions in several therapeutic areas of unmet medical needs.
For more information visit the company’s Web site at www.ttpharma.com.
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