Pearl Therapeutics Raises $65 Million Series D to Start PT003 Phase 3

Pearl Therapeutics Raises $65 Million Series D to Start PT003 Phase 3

REDWOOD CITY, CALIF, Nov. 13, 2012 (GLOBE NEWSWIRE) -- Pearl Therapeutics Inc.
today announced a $65 million SeriesD financing raised from current
investors. 5AM Ventures, Clarus Ventures and New Leaf Venture Partners
participated in the Series D round, which was led by Vatera Healthcare
Partners. Proceeds from this financing will be used by Pearl to start Phase 3
for PT003, Pearl's lead candidate product comprised of glycopyrrolate (GP), a
long-acting muscarinic antagonist (LAMA) and formoterol fumarate (FF), a
long-acting beta-2 agonist (LABA) delivered via a metered dose inhaler (HFA
MDI). Previous financings have enabled the Company to complete 10 clinical
studies in over 1,000 patients, through which efficacy and safety of PT003 and
its components, GP MDI and FF MDI, have been thoroughly examined.

"Through our comprehensive Phase 2 program, Pearl has characterized the dose
response, minimally effective dose and optimal dose for each of PT003's
components, providing us with a strong foundation for our end-of-Phase 2
meeting with the FDA and initiation of Phase 3 trials," Chuck Bramlage, Pearl
Therapeutics' chief executive officer explained, "Our Board has extensive
experience in multiple respiratory blockbuster products and franchises. Their
continued support and strategic counsel is invaluable in Pearl's progression
towards this last phase of clinical development with PT003 in our effort to
bring this valuable therapy to millions of COPD patients."

"We believe that Pearl's platform technology is a significant differentiator
that the Company has leveraged in its development of PT003 and its
earlier-stage triple combination, both of which have tremendous commercial
potential," Vatera Holdings LLC managing director and member of the Pearl
Therapeutics Board of Directors, Sundar Kodiyalam added. "Pearl has executed
the PT003 clinical program with an impressive speed and robustness, and we
look forward to supporting the Company through its next steps in PT003's
clinical development to bring this unique therapeutic option to the market. We
envision our continued involvement with Pearl to be long term, collaborative
and committed to the growth and success of the company."

With this financing, Pearl will have raised a total of $167.5 million since
2007, and readied three products for Phase 3 testing: PT003 and its
monotherapy components, GP MDI and FF MDI.

About PT003

Pearl Therapeutics' clinical study to date of PT003 has met several meaningful
milestones. These include assessment of unprecedentedly low nanogram level GP
MDI doses, a wide 240-fold dose range for GPMDI, assessment of the GP MDI
dose regimen to confirm its BID profile, comparisons of FF MDI, GPMDI and
PT003 with open-label formoterol fumarate DPI and tiotropium DPI, and
successful demonstration of combination superiority relative to individual
components to support the combination rule at optimal doses of each component.
The highly reliable and stable MDI formulation platform invented by the Pearl
team allows such dose ranging and fine tuning to occur in a predictable and
expedient manner. Multiple new patent applications have been filed based on
this technology for global product protection to approximately 2030.

About 5AM Ventures

5AM Ventures is an early-stage venture capital firm focused on building
next-generation life science companies. 5AM Ventures has over $435 million
under management and is actively investing 5AMVentures III, L.P., a $220
million fund. The firm has offices in Menlo Park, CA and Waltham, MA. For more
information, please visit www.5amventures.com.

About Clarus Ventures

Clarus Ventures is a life sciences venture capital firm founded by a team of
accomplished investment professionals with extensive and complementary
industry backgrounds which have enabled them to establish a long history of
success in creating value. Clarus is based in Cambridge, Mass. and South San
Francisco, Calif. and manages more than $1.2 billion across two life-sciences
dedicated funds. For more information, please visit www.clarusventures.com.

About New Leaf Venture Partners

New Leaf Venture Partners is a leader in healthcare technology venture
investing. Their investment professionals bring a unique blend of
technological, clinical, and operational experience to their investments.
Their focus is primarily on later stage biopharmaceutical products, early
stage medical devices, and laboratory infrastructure technologies. New Leaf
currently manages approximately $1billion in assets. For more information,
please visit www.nlvpartners.com.

About Vatera Healthcare

Vatera Healthcare Partners is a venture capital firm established by Michael
Jaharis, co-founder of Kos Pharmaceuticals, Inc., a specialty pharmaceutical
company sold to Abbott Laboratories in 2006 for $4.2 billion, and of Key
Pharmaceuticals, Inc., a specialty pharmaceutical company merged with
Schering-Plough in 1986 for $836 million. Vatera focuses on investing in
biopharmaceutical firms and products with the goal of building and growing
companies by leveraging the team's collective experience and expertise in the
pharmaceutical industry and strong network of relationships within industry
and academia. For more information, please visit www.vaterahealthcare.com.

About Pearl Therapeutics

Pearl Therapeutics is a privately held company developing combination
therapies for the treatment of highly prevalent respiratory diseases,
including chronic obstructive pulmonary disease and asthma. Pearl is rapidly
advancing a pipeline of products including PT003, an inhaled, fixed-dose
combination bronchodilator product comprised of a long-acting muscarinic
antagonist (LAMA) and a long-acting beta-2 agonist (LABA) delivered via a
metered dose inhaler (HFA MDI); and PT010, a triple-combination product that
combines the LAMA and LABA components of PT003 with an inhaled corticosteroid
(ICS) for twice-daily administration from an HFA MDI for the treatment of
severe COPD. Both PT003 and PT010 are developed with Pearl's proprietary
porous particle co‑suspension technology, which allows the formulation of
multiple products in the MDI format, with highly stable, robust and
aerodynamically efficient drug delivery. Founded in 2006, Pearl Therapeutics
is privately held and backed by 5AM Ventures, Clarus Ventures, New Leaf
Ventures and Vatera Healthcare. For more information, please visit
www.pearltherapeutics.com.

CONTACT: Noreen McKiernan
         Pearl Therapeutics
         (650) 305-2609
         nmckiernan@pearltherapeutics.com
        
         Aline Schimmel
         Scienta Communications
         (312) 238-8957
         aschimmel@scientapr.com

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