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Avera Pharmaceuticals
Raises $8 million in Series B Venture Financing
SAN
DIEGO - November 10, 2003
Avera Pharmaceuticals, Inc., a privately held pharmaceutical development company focused on medicines for psychiatric and neurologic illnesses, today announced that the company has raised $8 million in a Series B private venture financing. The financing was led by Frazier Healthcare Ventures. Also included among the investors were Bay City Capital, InterWest Partners, Windamere Venture Partners, LLC, St. Paul Venture Capital, and BTG, plc.
"The ongoing support of these top-tier venture capital investors reflects their commitment to our company’s business strategy and the value of our clinical pipeline," said Dr. Jeffrey F. McKelvy, President and Chief Executive Officer. “The proceeds of this financing will support the development of our pipeline through key value-creating milestones.” Avera is currently developing three drug products. These include a novel, fast-onset neuromuscular blocker for use in general anesthesia, and a member of a new class of compounds potentially useful in treating depression and anxiety. The company’s third drug candidate, a compound with promise in other psychiatric and neurological indications, is prepared to enter clinical development.
Avera
Pharmaceuticals, Inc.
Avera Pharmaceuticals, Inc. (San Diego, CA) is a privately held, specialty pharmaceutical
company focused on developing and commercializing novel compounds in the neuroscience therapeutics
arena. The Company's strategy is to identify opportunities for therapeutic advances in the treatment
of neurologic and psychiatric disorders, and then to in-license, develop and commercialize promising
compounds that can meet these needs. The company has three potential products in clinical development
that include compounds licensed from Novartis, Eli Lilly and GlaxoSmithKline. Additional information
on the Company can be found at www.averapharm.com.
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