INSERTING and REPLACING Chase Pharmaceuticals Raises $21 Million in Series B
– Proceeds to Fund Development of Alzheimer’s Disease Treatments –
WASHINGTON -- May 12, 2014
Insert at the end of the boilerplate for New Rhein Healthcare LLC:For more
information please visit: www.newrhein.com. Insert at the end of the
boilerplate for Cipla:For more information please visit: www.cipla.com.
Insert at the end of the boilerplate for Brain Trust Accelerator Fund:For
more information please visit: www.braintrustvc.com.
The corrected release reads:
CHASE PHARMACEUTICALS RAISES $21 MILLION IN SERIES B FINANCING
– Proceeds to Fund Development of Alzheimer’s Disease Treatments –
Chase Pharmaceuticals Corporation today announced a $21 million Series B
financing via a syndicate led by New Rhein Healthcare Investors, LLC. Other
new investors in this round include Edmond de Rothschild Investment Partners
and Cipla Ventures, the new venture capital arm of Cipla Pharmaceuticals. The
original venture investor, Brain Trust Accelerator Fund, also participated in
this financing. The investment proceeds will be used to fund Phase 2a and
Phase 2b clinical trials of the company’s lead product. Consistent with New
Rhein's business model, each of these investors brings significant operational
experience to Chase.
Chase has a unique, patented approach that promises to significantly improve
the efficacy and safety of currently marketed Alzheimer's drugs such as
ARICEPT® and Exelon®. The company was founded in 2007 by Thomas Chase, MD,
former Scientific Director, National Institute of Neurological Disorders and
Stroke (NINDS) and Kathleen Clarence-Smith, MD, PhD, former head of CNS
development at Sanofi, Roche and Otsuka.
Dr. Chase, a Founder said, “Based on our Phase 1 studies, we expect Chase
products will demonstrate a far greater therapeutic benefit than any currently
marketed treatment for Alzheimer’s disease, resulting in a significant
beneficial impact on the quality of life for all those afflicted by this cruel
and incurable disorder.”
Greg Parekh, PhD, former head of M&A at Novartis AG and a partner at New
Rhein, will serve as Chase’s Chairman of the Board. “Alzheimer's disease
afflicts 7.5 million Americans and represents one of our country's most
significant growing unmet medical needs. By cleverly improving existing
on-market drugs, Chase Pharmaceuticals builds on proven therapies and offers
patients and their caregivers new hope for a better quality of life in the
relatively near term,” said Dr. Parekh.
In addition to Dr. Parekh, Raphaël Wisniewski of Edmond de Rothschild
Investment Partners and Vikram Sudarsan, PhD, of Cipla New Ventures will join
the board of the company.
John M. Siebert, PhD, will join as its Chief Executive Officer. John has a
successful track record of over 15 years as CEO at both public and private
specialty pharmaceutical companies such as Cima Labs and Cydex. He brings to
Chase a wealth of complementary commercial experience.
Chase is an early stage drug development company, based in Washington, DC. Its
mission is to improve the quality of life for those suffering from disorders
of brain function, especially cognitive dysfunction of the Alzheimer’s type.
In the service of this goal, Chase Pharmaceuticals seeks to advance the
development of its own intellectual property towards commercial products that
satisfy crucial unmet medical needs. Current efforts, focused on
pharmaceuticals for Alzheimer type dementia, include oral medications such as
its lead product, CPC-201, as well as CPC 252 for transdermal administration.
The privately held company received Series A funding in 2010 and 2011 from
Brain Trust Accelerator Fund in support of its program of Phase I clinical
trials. Please visit our website: www.chasepharmaceuticals.com.
About New Rhein Healthcare LLC
New Rhein is a private equity investment firm focused on healthcare
therapeutics and medical devices. Its partners and associates are former
industry executives with operational and transactional experience. New Rhein
invests in businesses which utilize proven products in new applications (e.g.,
new indications, new dosage forms, 505(b2)). The company compiles syndicates
of operational focused investors who together bring a wealth of experience and
a broad network of relationships to support its portfolio companies in
development, regulatory, reimbursement, marketing and/or contract
manufacturing. New Rhein provides an understanding on what would be attractive
to strategic partners and works backwards to help its portfolio companies
build their value proposition. Prior New Rhein investments have included
ophthalmic pharmaceuticals, molecular diagnostics and respiratory drug/device
inhalers. For more information please visit: www.newrhein.com
About Edmond de Rothschild Investment Partners
Paris-based Edmond de Rothschild Investment Partners is the private equity
affiliate of the Edmond de Rothschild Group, which is specialized in asset
management and private banking. Edmond de Rothschild Investment Partners is
dedicated to minority investments into privately-owned companies. It has
currently close to EUR1 billion under management which is being invested
primarily as life sciences venture capital and growth capital. Its Life
Sciences Team of eight professionals brings together over 60 years of
experience in the Life Science industry and more than 100 years of private
equity and venture capital experience. The team has raised over EUR450 million
through its Biodiscovery franchise and is currently investing BioDiscovery 4.
For more information please visit: www.edrip.fr.
Cipla is a global pharmaceutical company which uses cutting edge technology
and innovation to meet the everyday needs of all patients. For more than 70
years, Cipla has emerged as one of the most respected pharmaceutical names in
India as well as across more than 170 countries. Cipla’s portfolio includes
2000 products in 65 therapeutic categories with one quality standard globally.
Cipla’s turnover in 2012/13 was 1.5 billion USD. While delivering a long-term
sustainable business, Cipla recognizes its duty to provide affordable
Cipla’s emphasis on access for patients was recognized globally for the
pioneering role played in HIV/AIDS treatment as the first pharmaceutical
company to provide a triple combination anti-retroviral (ARV) in Africa at
less than one dollar a day and thereby treating many millions of patients
since 2001. Cipla’s research and development focuses on developing innovative
products and drug delivery systems and has given India and the world many
‘firsts’ for instance Triomune. In a tightly regulated environment, the
company’s manufacturing facilities have approvals from all the main regulators
including USFDA, UKMHRA, WHO, MCC, ANVISA, and PMDA which means the company
provides one universal standard both domestically and internationally. For
more information please visit: www.cipla.com.
About Brain Trust Accelerator Fund
The Brain Trust Accelerator Fund focuses on early stage investments that
address the diagnosis and treatment of brain related diseases. Founded in
2006, the fund has provided both capital and resources for diagnostic, device
and therapeutic companies developing technologies to deliver therapeutics
across the blood brain barrier, a common barrier for treating many brain
diseases; technologies to help optimize therapies that are most likely to
benefit selected patients, often referred to as personalized medicine; and
molecularly targeted therapies that target the abnormal pathways implicated in
a variety of brain related disorders. For more information please visit:
ARICEPT® is a registered trademark used by Eisai, Inc. and Exelon® is a
registered trademark of Novartis.
John M. Siebert, 202-223-7002
Chief Executive Officer
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