LAGUNA HILLS, Calif., March 5, 2007 (PRIME NEWSWIRE) -- Laguna Hills-based Alacrity Biosciences, Inc., a biopharmaceutical company focused on ophthalmic diseases, announced today it has completed a private financing with gross proceeds of approximately $8.45 million in a convertible note financing. Paramount BioCapital, Inc. served as the placement agent. Alacrity Biosciences was founded by Paramount BioSciences, LLC.
Proceeds from the financing will be used to further develop the Company's two lead products, ALTY-0501 for dry eye and other ocular surface diseases and ALTY-0601 for glaucoma. The Company will also use this funding to pursue additional technologies for its product pipeline.
"Our product pipeline and skilled management team are attracting interest and financial support from knowledgeable and sophisticated investors," said David F. Power, President and Chief Executive Officer of Alacrity Biosciences. "With this financial milestone we are able to continue to develop our product candidates, which treat vision-threatening ophthalmic diseases."
About ALTY-0501 and ALTY-0601
ALTY-0501 is a potent inhibitor of matrix metalloproteinases, which helps maintain corneal health in patients with meibomian gland disease, dry eye disease, reduced tear clearance, and recurrent corneal erosions. A phase 2 clinical trial of ALTY-0501 in dry eye patients is underway with data expected by the third quarter of 2007. The therapeutic dry eye market potential is projected to be $500M to $1B by 2009.
ALTY-0601 reduces intraocular pressure in patients with ocular hypertension or primary open-angle glaucoma. The worldwide glaucoma market is valued at more than $4B and has been growing at approximately 10% per year. An initial pilot study indicates that ALTY-0601 is capable of lowering intraocular pressure by up to 34% within one month, and maintaining the lower IOP for up to six months. The Company expects clinical data results for ALTY-0601 in the third quarter of 2007.
About Alacrity Biosciences
Alacrity Biosciences, Inc. (www.alacritybio.com) is a Laguna Hills-based biopharmaceutical company focused on acquiring, developing and commercializing innovative therapeutics to treat ophthalmic diseases that threaten vision and reduce patient quality of life.
President and CEO David F. Power spent more than 21 years working in the field of ophthalmology at Allergan, Inc. including experience in clinical product development, sales, strategic and new product marketing as well as business development. Mr. Power was the commercial champion behind the in-license, development and successful launch of Restasis(r), Allergan's therapeutic treatment for patients with dry eye disease.
The Alacrity Biosciences logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3419
About Paramount BioSciences
Paramount BioSciences, LLC (www.paramountbio.com) is a leading drug development and healthcare investment firm focused on the in-licensing of novel therapeutics, and the formation of new biotechnology companies.
Forward-Looking Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties that could cause Alacrity Biosciences' actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. Among other things, there can be no assurances that any of Alacrity Biosciences' development efforts relating to its product candidates will be successful. Other risks that may affect forward-looking information contained in this press release include the risk that the results of clinical trials may not support Alacrity Biosciences' claims, the possibility of being unable to obtain regulatory approval of Alacrity Biosciences' product candidates, Alacrity Biosciences' reliance on third party researchers to develop its product candidates and its lack of experience in developing pharmaceutical products. Alacrity Biosciences assumes no obligation to update these forward-looking statements, except as required by law.