January 7, 2009
Intradigm Closes $21.4 Million in Venture Funds
The leading developer of targeted systemic RNA interference therapeutics, Intradigm Corporation, has closed $21.4 million in Series B venture funding. Intradigm is a privately owned bio tech company that researches and develops targeted systemic RNA interferences for the treatment of serious diseases and cancer. The proprietary delivery technology of Intradigm is unique in its potential to offer a safe and effective administration of treatment using peptide-based biodegradable polymers. The company�s goal is to grow into a leading company in developing the RNA therapeutics for a whole range of different cures for cancer and other cancer-related diseases.
The venture capital funding for Intradigm was provided by Astellas Ventures Management LLC and existing investor, Lilly Ventures. Upon receiving the funding, Intradigm also announced the appointment of Philip Hawthorn, Ph.D. as CEO of the company. Dr. Hawthorn is replacing Mohammed Azab, who resigned recently. Dr. Hawthorn previously was the Vice President of Intradigm. Dr. Azab will, however, remain on the company�s board of directors. As far as the chairman of Intradigm�s board of directors, Jamie Topper, M.D., Dr. Azab has made many valuable contributions to the company. Dr. Hawthorn has over 15 years of experience in the bio tech industry. Dr. Hawthorn has previously held high positions at several bio tech companies, such as Genencor International and COR Therapeutics. Dr. Hawthorn also led the identification and negotiation of numerous licensing agreements with a range of global and regional pharmaceutical companies. Dr. Hawthorn�s deep operational expertise spans discovery and development of both technology and product licensing. He also has experience in mergers, acquisitions, and financing. As far as Dr. Hawthorn is concerned, Intradigm�s exceptional team will work to further strengthen the company�s leadership in the RNA sector. The fact that Astellas Venture Management LLC is joining the company�s experienced investment investor base along with Lilly Ventures being willing to increase the its investment provides extra support and validation for Intradigm.
More good news comes from Dr. Shinja Yano, Ph.D., CEO of Astellas Venture Management LLC, about the company. As far as Dr. Yano is concerned, Astellas will continue to invest in and contribute to Intradigm�s success in recognizing the great promise of RNA as a therapeutic class. Astella had previously led a $2.9 million investment in Intradigm together with Lilly Ventures.