Phenomix Completes $55 Million Series C Financing

 

For Immediate Release
March 8, 2007

San Diego, CA -- Phenomix Corporation, a drug discovery and development company, announced today the closing of a $55 million private placement of its Series C preferred stock. New investor Nomura Phase4 Ventures led the financing. Existing investors JP Morgan Partners, Delphi Ventures, Baker Brothers, Alta Partners, Sofinnova Ventures, Bay City Capital, CMEA Ventures, Novartis BioVenture Fund and GBS Venture Partners all participated in the placement.

The Series C financing will support continued clinical development of PHX1149 for diabetes while also funding Phenomix' earlier stage pipeline directed at hepatitis C virus and other high-value therapeutic targets. PHX1149 is a once-daily DPP4 inhibitor for treatment of Type 2 diabetes that will commence Phase 2b clinical trials in Q2 2007.

"The high level of interest in this financing reflects investor excitement not only for our therapeutic programs, but also for our overall approach to drug development." said Laura K. Shawver, Ph.D., chief executive officer and president of Phenomix. "The Phase 2a clinical results of PHX1149 made Phenomix a serious player in the DPP4 market. With the addition of Nomura Phase4 Ventures to our investor group, we look forward to the next stage of the company's evolution."

"With PHX1149 moving into 12-week trials and the HCV program showing promising preclinical results, Phenomix is at an exciting stage of development as a company." said Denise Pollard-Knight, Head of Nomura Phase4 Ventures. "Phenomix has an exceptional management team driving these programs and we look forward to participating in the company's future growth."

About Phenomix Corporation
Phenomix is a drug discovery and development company building a portfolio of novel therapeutics for the treatment of major human diseases. Phenomix' lead clinical candidate, PHX1149, is a DPP4 inhibitor in phase 2 testing as a once daily oral treatment for type 2 diabetes. Phenomix' second program is directed at the treatment of hepatitis C through inhibition of the NS3/4A viral protease. Phenomix is based in San Diego, California. For more information, visit www.phenomix.com.

 

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