PRESS RELEASE
Accera Completes $6 Million Series A Financing
Broomfield, CO, September 16, 2004 - Accera, Inc., a drug development company focused on Alzheimer's disease and related neurodegenerative diseases, announced it has recently closed a Series A financing round of $6 million. The financing was led by inventages Venture Capital GmbH of Geneva, Switzerland and joined by San Diego-based POSCO BioVentures.
As part of the financing, Dr. Robert Schier, partner of inventages Venture Capital, and Charlotte P. Clark, managing director at POSCO BioVentures will be joining the Accera Board of Directors.
"This financing is a vote of confidence from our investors in our unique therapeutic approach to diseases of memory and cognition. We are pleased to be working with experienced European and U.S. investors who have access to large industry partners for our growing clinical development program. Their involvement will greatly enhance the cross-market value of our products and accelerate their commercial development," said Dr. Steve Orndorff, President and CEO of Accera, Inc.
"Every year an increasing number of people are affected by neurodegenerative diseases with little chance of preventing or treating these diseases effectively. We believe that Accera's unique products, which are based on a novel mechanism-of-action, will fill today's huge gap in managing diseases like Alzheimer's or Parkinson's disease successfully", comments Dr. Robert Schier, partner of inventages Venture Capital.
"Recent clinical studies have shown that defective energy metabolism in cells of the aging brain are a physiological hallmark of Alzheimer's disease. This condition often leads to a cascade of undesirable side effects that alter the health and performance of neurons that are critical to short term memory and cognition in humans. Accera has pioneered the development of new therapeutics that can correct the energy deficit of the aging brain and provide a potentially disease-modifying effect," said Dr. Orndorff.
Charlotte Clark, partner of POSCO BioVentures, said, "Accera's experienced management team, combined with their novel approach to diseases of memory and cognition, hold great promise for more powerful treatments of Alzheimer's disease. We are pleased to be part of this outstanding company and the opportunity to improve the quality of life for Alzheimer's patients."
About Accera, Inc.
Accera, Inc. is a privately held, Broomfield, Colorado based biotechnology company focused on developing novel therapeutics for neurodegenerative diseases caused by defective energy metabolism in the brain. The company's lead product, AC-1202, is a first-in-class molecule currently in clinical trials for Alzheimer's disease. Accera will develop AC-1202 and other small molecule compounds in its pipeline with corporate partners for a variety of markets and clinical indications.
About inventages Venture Capital GmbH
Inventages Venture Capital GmbH is a private equity and M&A company specializing in the life sciences. The company invested in Accera with its "Life Ventures" fund, which closed in 2002 with an investment capital of $150 million. This fund specializes in the life sciences with an emphasis on preventing diseases. The investment focus includes innovative food, nutrition, nutraceuticals, medical food, cosmeceuticals, pharmaceuticals, as well as consumer relation management, processes and novel packaging techniques. For further information regarding inventages, please visit http://www.inventages.com/
About POSCO BioVentures
POSCO BioVentures, located in Carlsbad, California, is dedicated solely to biotechnology investments, including therapeutics, diagnostics, medical devices, and platform technologies. POSCO BioVentures has as its sole limited partner, POSAM, the American subsidiary of $11 billion Korean steel company, POSCO. POSCO has made a strategic decision to diversify, and the first step in its diversification strategy is focused on building a biotechnology business. In early 2002, POSCO established POSCO BioVentures, to provide POSCO with a window on new, proprietary development stage companies in the life sciences sector. Further information can be obtained at http://www.poscobioventures.com/
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