Friday, March 03, 2006

15 Million Ark Shells for ARCA Discovery

ARCA Discovery, Inc., a company developing genetically-targeted therapies for heart failure and other cardiovascular diseases, today announced the completion of a $15 million venture capital financing. The financing was led by Atlas Venture. Boulder Ventures, which provided the original seed financing for ARCA, and Pequot Capital Management also participated in the financing.

This round of financing will enable the filing of a New Drug Application for bucindolol, the first genetically-targeted cardiovascular drug. Bucindolol has been evaluated in Phase III clinical trials involving more than 3,000 patients with advanced heart failure and myocardial ischemia. In conjunction with this financing, Dr. Jean Francois Formela, a Senior Partner with Atlas will join the ARCA Board of Directors along with Kyle Lefkoff of Boulder Ventures, Dr. John Zabriskie, former CEO of Upjohn/Pharmacia and NEN Life Sciences, Dr. Frank Bullock, former SVP of Research at Schering Plough, and Dr. Mike Bristow. Dr. Bristow is also the founder and former Chief Scientific Officer of Myogen, Inc. As President and CEO of ARCA, Dr. Bristow will retain the title of Founder and Scientific Advisor to Myogen, and will remain a member of Myogen's Board of Directors. ARCA's co-founders are Timothy D. Hoogheem and Christopher D. Ozeroff, and its scientific co-founders are Dr. Stephen Liggett of the University of Maryland, and Dr. J. David Port of the University of Colorado.

Colorado 2006 life science fund raising is off to the races…

No comments: