Labrys Biologics Secures $31 Million Series A Financing from Venture Capital Firms; Acquires Phase 2 Ready Antibody for Chronic

 Labrys Biologics Secures $31 Million Series A Financing from Venture Capital
   Firms; Acquires Phase 2 Ready Antibody for Chronic Migraine from Pfizer

PR Newswire

SAN FRANCISCO, Jan. 3, 2013

SAN FRANCISCO, Jan. 3, 2013 /PRNewswire/ -- Labrys Biologics Inc., a company
focused on treatments for chronic migraine, today announced the completion of
a $31 Million Series A financing from four leading venture capital firms,
venBio, Canaan Partners, InterWest Partners, and Sofinnova Ventures. With the
close of the financing, Labrys has acquired RN-307 from Pfizer Inc., a Phase 2
ready anti-CGRP humanized monoclonal antibody for the treatment of chronic
migraine. In addition, Steven P. James has been appointed President and CEO.

Under the terms of the agreement with Pfizer, Labrys acquired worldwide rights
to RN-307. Pfizer received an upfront payment and will be eligible to receive
milestone payments, royalties on any sales, and a liquidity payment if Labrys
is acquired. Additional details were not disclosed.

RN-307 is a monoclonal antibody that binds to calcitonin gene-related peptide
(CGRP), a validated target in migraines. RN-307 has successfully completed
Phase 1 trials in more than 74 patients, and Labrys expects to initiate Phase
2 clinical trials in 2013. RN-307 was originally discovered and developed by
Rinat Pharmaceuticals, which was acquired by Pfizer in 2006.

"RN-307 is an ideal candidate for a prophylactic drug for chronic migraine
that is capable of reducing both frequency and severity of migraines without
debilitating side effects," said Corey Goodman, Ph.D., Chairman, founder of
Labrys, and a Managing Director at venBio, which led the financing. "There is
significant interest in new treatments that can improve upon the limited
efficacy of current pharmaceuticals."

Chronic migraine, defined as fifteen or more headache days per month, is a
serious and widespread condition that affects approximately 6 million people,
or 2% of the U.S. population. Chronic migraineurs suffer from debilitating
headaches frequently accompanied by nausea, vomiting, sensitivity to light and
fatigue, and they often report periods of lost productivity. Migraines affect
women over men by a ratio of three to one. There is a significant need for
chronic migraine therapies with better efficacy and improved safety.

"RN-307 is an example of Pfizer's leading expertise in designing optimized
biologics, and we are pleased that the capable team at Labrys will continue to
pursue the development of this potential candidate for patients with
migraines," said Jaume Pons, SVP and Chief Scientific Officer of Pfizer's
Rinat Research Unit based in South San Francisco, California.

Steve James, who has been named president and CEO of Labrys, has over 20 years
of pharma and biotech experience most recently as CEO of KAI Pharmaceuticals
which was acquired in 2012 by Amgen.

"Labrys is off to a terrific start with a promising drug candidate and a
strong financial position," said James. "We have a defined regulatory path in
chronic migraine, a broad market opportunity with significant demand for
better treatments, and a top syndicate of venture investors that will bring
tremendous strategic value to the company."

"Chronic migraine sufferers representa large, underserved patient group and
there is significant interest in the industry in developing a treatment option
with superior outcomes," said Wende Hutton, General Partner at Canaan
Partners. "Labrys now retains full ownership of a promising drug candidate for
migraine and other indications which are causally linked to CGRP."

Joining Steve James, Corey Goodman, and Wende Hutton onthe board of Labrys
are Nina Kjellson of InterWest Partners and Mike Powell of Sofinnova Ventures.

About Labrys Biologics
Labrys Biologics is a private, venture-financed development stage
biotechnology company focused on treatments for chronic migraine. Labrys' lead
candidate, RN-307, is an anti-CGRP monoclonal antibody for the treatment of
chronic migraine slated to enter Phase 2 clinical trials in 2013. Founded in
late 2012, Labrys is backed by venBio, Canaan Partners, InterWest Partners and
Sofinnova Ventures.

SOURCE Labrys Biologics Inc.

Contact: Carolyn Hawley, Canale Communications, +1-619-849-5375,
carolyn@canalecomm.com
 
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