PRESS RELEASE
Accera Completes $ 7.5 Million Series B Financing
Wolfgang Reichenberger, Ph.D., joins Accera Board of Directors
Broomfield, CO, August 16, 2006 - Accera, Inc., a drug development company focused on Alzheimer's disease and related neurodegenerative diseases, announced it has recently closed a Series B financing round of $7.5 million led by Inventages Venture Capital SA.
Inventages was joined in this round by San Diego-based POSCO BioVentures and several new private investors. Inventages and POSCO participated in the Company's Series A financing round completed in 2004.
As part of the financing, Wolfgang Reichenberger, Ph.D., founder and general partner of IVC Americas SA, has joined the Board of Directors of Accera, Inc. Dr. Reichenberger was recently the Chief Financial Officer of Nestle SA during a 29 year career at the world's largest food company. He was a member of the governing admission body at the Swiss Stock Exchange and the Task Force of European CFOs shaping accounting and governance rules in cooperation with the IASB and the EU. He currently serves on the boards of several US and European biotech companies.
"We are very pleased that both of our early investors are continuing their participation in Accera as we continue clinical development of AC-1202 for Alzheimer's disease," said Dr. Steve Orndorff, President and CEO of Accera, Inc. "This financing allows us to expand the development of our lead compound, AC-1202, into other clinical indications for memory and cognition such as Age Associated Memory Impairment (AAMI) and Parkinson's disease."
Proceeds of this financing will be used for a Phase II clinical trial of AC-1202 for AAMI, completion of an ongoing Phase IIb clinical trial for mild-to-moderate Alzheimer's disease and expansion of the drug discovery program for small molecule compounds.
###