Regado Biosciences Raises $23 Million Series C Financing, 2007-03-28
DURHAM, N.C.-- March 27, 2007 -- Regado Biosciences, Inc., a privately-held biopharmaceutical company focused on the discovery and development of antidote-controlled antithrombotics, announced today the completion of a $23 million Series C financing. New investor Caxton Advantage Life Sciences Fund (New York, NY) joined existing investors Domain Associates (Princeton, NJ) and Quaker BioVentures (Philadelphia, PA), to lead the financing with participation from original seed investor the Aurora Funds (Durham, NC), and other individual investors.
Regado's technology enables the rational design of drug-antidote pairs against any target accessible to the bloodstream. The Company's lead product, REG1, is the first specific, direct acting, antidote-controlled anticoagulant. Regado is developing the REG1 anticoagulation system as an antidote-reversible anticoagulant for use in coronary revascularization procedures (CABG and PCI), for use in patients suffering from acute coronary syndromes, and further as an anticoagulant for other indications in which it would be advantageous to employ an antidote-reversible agent for anticoagulant or antithrombotic therapy (e.g., DVT and VTE).
"We are excited about the prospects for Regado and its antidote-controlled therapeutic platform. The Company's lead candidate, REG1, has the potential to address some key issues with today's anticoagulants used in antithrombotic markets such as CABG, PCI, and ACS," said Eric Roberts, Managing Director of Caxton Advantage. "Unlike existing agents, results suggest REG1 is easily dosed, has rapid onset, and importantly offers predictable, reversibility through its targeted aptamer-based antidote. We believe REG1 can lead to improved patient outcomes and we look forward to its continued development in Phase II trials."
"This financing provides further validation of the Regado technology and will allow us to build on the progress generated to date," commented Regado's CEO Douglas Gooding. "This financing will allow us to continue the clinical development of REG1 in multiple indications. Given the clinical validation that we have seen with the first program we will be investing some of this new capital in pipeline development as well."
"We are very excited about recent development progress at Regado, and we are convinced we have an extraordinary reversible anticoagulant drug profile emerging from the clinical data. We are pleased that Caxton Advantage has joined Domain, Quaker and Aurora in this round of financing," noted the Company's Chairman Jesse Treu, a General Partner with Domain Associates.