ANACOR RAISES $50 MILLION IN EQUITY FINANCING - INVESTMENTS FROM GLAXOSMITHKLINE, SCHERING CORPORATION AND EXISTING INVESTORS
Palo Alto, Calif. - January 6, 2009 - Anacor Pharmaceuticals today announced that it
has raised $50 million through a preferred stock financing with participation from
GlaxoSmithKline, Schering Corporation and existing investors including Rho Capital
Partners, Venrock Associates, Care Capital and Aberdare Ventures. Proceeds from the
financing will be used to further develop Anacor's product pipeline based on its boron
chemistry platform.
"We are pleased to complete this financing, which will allow us to advance our five
clinical programs and to identify and progress new compounds derived from our boron
chemistry platform," said David Perry, Chief Executive Officer at Anacor
Pharmaceuticals.
The investments from GSK and Schering Corporation fulfill each company's investment
obligations pursuant to their respective and ongoing collaborations with Anacor. At the
conclusion of the financing, the combined ownership of GSK and Schering Corporation
will be less than 20 percent of Anacor's outstanding shares.
About Anacor Pharmaceuticals
Anacor is a biopharmaceutical company developing novel small molecule therapeutics
derived from its boron chemistry platform. Anacor has focused initially on developing
topical applications of its compounds to treat fungal, bacterial and inflammatory diseases.
Anacor’s most advanced product candidate is AN2690, a novel topical antifungal in
development for the treatment of toenail onychomycosis, which is a fungal infection of
the nail and nail bed. AN2690 is licensed to Schering under a worldwide development
and commercialization agreement for all indications including the treatment of
onychomycosis. Anacor also has a research and development collaboration with
GlaxoSmithKline for the discovery, development, manufacture and worldwide
commercialization of novel systemic therapeutics for viral and bacterial diseases utilizing
Anacor’s boron-based chemistry. For more information visit www.anacor.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding
the future use of proceeds and our ability to identify and develop current and future
product candidates. These statements relate to future events and involve known and
unknown risks, uncertainties and other factors that could cause actual levels of activity,
performance or achievement to differ materially from those expressed or implied by these
forward-looking statements. Some factors that may affect these forward-looking
statements include, but are not limited to, undesirable effects from our product
candidates, clinical failure at later stages of development and unexpected termination of
existing partnerships. These statements reflect the views of Anacor as of the date of this
press release with respect to future events and, except as required by law, it undertakes no
obligation to update or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise after the date of this press release.
Contact:
Nicole Foderaro
WeissComm Partners
nfoderaro@wcpglobal.com
415-946-1058
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