NEWS & EVENTS
PRESS RELEASES 2004
ELUSYS THERAPEUTICS COMPLETES ROUND OF PRIVATE FINANCING
Funding to Support Clinical Development of Drug Portfolio
Pine Brook, NJ -- August 2, 2004 -- Elusys Therapeutics, Inc. announced today that it has successfully completed a private placement of Series D preferred stock, raising more than $10 million. Proceeds from the financing will be used to further develop the Elusys portfolio of drugs to fight infectious diseases, cancer, lupus and anthrax. In addition to substantial government funding for its biodefense products, the company has raised approximately $40 million in private financing since its inception.
Invesco Private Capital and Essex Woodlands Health Ventures LLC led the internal round of financing for Elusys. Additional institutional shareholders in Elusys are Crescendo Ventures, Eagle Advisors and the Legg Mason Emerald Fund. Virtually all existing preferred shareholders made follow-on investments.
“We are pleased that so many of our current investors – institutional as well as individual – chose to take advantage of this round of financing,” said Stephen G. Sudovar, president and chief executive officer of Elusys. “This enthusiasm from our investors comes at a critical time in our company’s history. It signals that our investors see the potential of the portfolio of Elusys drugs in development for the commercial marketplace and it underscores their support for the company’s biodefense program.”
Elusys Therapeutics, Inc. develops antibody-based therapies for the treatment of infectious diseases, autoimmune diseases, and cancer. Elusys currently has several products in preclinical and clinical development, and has an ongoing collaboration with the Department of Defense for the development of anthrax and other biodefense therapeutics.
“This funding helps us to move the company’s most advanced compounds into clinical trials,” added George Elston, vice president of finance at Elusys. “We have a terrific blend of private and government funding for our pipeline which has enabled us to proceed with clinical development of drugs for a variety of needs.”
About Elusys
Elusys develops antibody-based therapies using proprietary technologies in Heteropolymer antibody chemistry and complement biology. The Company’s pipeline of products includes treatments for cancer, lupus nephritis, infectious diseases and thrombosis. The Company has successfully advanced three products to the IND and Phase I stage, with additional products in its pipeline. Founded in 1998, Elusys is headquartered in Pine Brook, NJ. Additional information about Elusys can be found at www.elusys.com.
Elusys is advised by a Board of Directors made up of prestigious business and industry leaders. Chaired by William R. Miller, former vice chairman of Bristol-Myers Squibb, the Board also includes Frank Young, M.D., Ph.D., former Commissioner of the Food and Drug Administration; R. Gordon Douglas, Jr., M.D., former president of Merck Vaccines, and chairman of the Elusys Scientific Advisory Board; Parag Saxena, managing partner of Invesco Private Capital; Martin Sutter, managing director of Essex Woodlands Health Ventures, and Mr. Sudovar, who was formerly president of Roche Laboratories, Inc.