EnVivo Secures $24 Million in Series C Financing
October 04, 2006
Financing To Advance First Drugs Into Clinical Trials and Build Pipeline;
Jean-Marie Vallet Joins as Vice President of Business Development
For Immediate Release
WATERTOWN, Mass., October 4, 2006 – EnVivo Pharmaceuticals, Inc., a privately held biopharmaceutical company developing drugs for neurodegenerative diseases, today announced it has secured $24 million in Series C financing led by existing investor Fidelity Biosciences. The company also said that Jean Marie Vallet, Ph.D. has joined its management team as Vice President of Business Development.
EnVivo will use the financing to advance several promising programs into clinical trials. The first program to enter clinical development later this year is an alpha-7 nicotinic receptor agonist for cognition enhancement in Alzheimer’s disease and schizophrenia. A second program, EVP-3546 for Huntington’s disease, will be brought into the clinic in 2007.
Three other programs with promising mechanisms of action in neurodegenerative diseases will be brought into pre-clinical development, all of which originated from the company’s proprietary discovery platform. Additionally, the company expects to expand its pipeline of compounds through in-licensing agreements.
“Over the past year, we have assembled a very experienced management team and a world-class clinical and developmental advisory board to shift our focus from a discovery-oriented organization to a product development company,” said Kees Been, President and Chief Executive Officer at EnVivo Pharmaceuticals. “This new funding enables us to take our programs such as the alpha-7 agonist in Alzheimer’s into Phase I trials, while also progressing several other promising compounds.
Jean-Marie Vallet Joins EnVivo
EnVivo also announced that Jean-Marie Vallet joined the company as Vice President of Business Development. In this role, he will focus on seeking development partners for selected programs and in-licensing compounds in strategic disease areas.
Prior to joining EnVivo, Dr. Vallet was Vice President of Business and Commercial Development at Guilford Pharmaceuticals, Inc. He has more than 20 years experience in a variety of senior research, marketing and business development roles at Pierre Fabre (France), Parke-Davis (Germany), Warner Lambert (USA) and Bristol Myers Squibb (USA).