Tikvah Therapeutics Raises $10 Million Gross Proceeds in Private Financing


ATLANTA, July 12, 2007 (PRIME NEWSWIRE) -- Tikvah Therapeutics, Inc., a biopharmaceutical company that focuses on novel therapeutic treatments for diseases of the central nervous system, including neurology and psychiatry disorders, announced today it has completed a private financing with gross proceeds of $10 million in a convertible note financing. Paramount BioCapital, Inc. served as the placement agent. Tikvah Therapeutics was founded by Paramount BioSciences, LLC.

Proceeds from the financing will be used to accelerate development of the Company's lead products.

"This financing provides us with resources to continue the planned advancement of Tikvah's robust pipeline of central nervous system and neurology drug candidates," said Dr. Harold H. Shlevin, President and Chief Executive Officer of Tikvah Therapeutics, Inc. "In the coming months, we plan to move forward with Investigational New Drug applications for our two lead products as well as to continue vigorous acquisition of additional later stage and pipeline products."

About Tikvah Therapeutics

Atlanta-based Tikvah Therapeutics, Inc. focuses on exploring new uses for late-stage pharmaceutical compounds in selected therapeutic indications of central nervous system diseases, including neurology and psychiatry disorders. Its focus is on new therapeutic uses that have been confirmed in multiple, clinical proof-of-concept studies. This strategy shortens product development timelines and substantially decreases the risk associated with the research and development efforts. A second prong of its strategy is to focus on specialized products with multiple stepping-stone indications and strong patent protections, thus helping to ensure long product life cycles and manageable commercial risk. Tikvah Therapeutics was founded by Paramount BioSciences, LLC. For additional information about Tikvah Therapeutics, please visit www.tikvahtherapeutics.com.

About Paramount BioSciences

Paramount BioSciences, LLC is a global drug development and healthcare investment firm that conceives, nurtures, and supports new biotechnology and life-sciences companies. For additional information about Paramount BioSciences, please visit www.paramountbio.com.

"TIKVAH THERAPEUTICS, INC.," "Bringing Hope to Life," and the above logo design are trademarks of Tikvah Therapeutics, Inc., Atlanta, Georgia USA



            

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