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May 5, 2009

Investment Firms, Alta Partners, Amgen Ventures, Frazier Healthcare, and Three Arch Partners Invest $30 Million in Series B Funding for Calistoga Pharmaceuticals

Based in Seattle, Washington, Calistoga Pharmaceuticals has announced that it received $30 million in series B funding from vc firms, Alta Partners, Amgen Ventures, Frazier Healthcare, Three Arch Partners. Calistoga is a leading developer of isoform-selective phosphatidylinositol 3 kinase (PI3K) inhibitors, which are used to treat cancer and inflammatory illnesses. Calistoga already has a good portfolio of various products that provide treatments for cancer and inflammatory diseases using the 3 kinase pathway.

Proceeds from this funding will go to advance the company’s drug pipeline of the isoform-selective PI3K inhibitors. Some of these inhibitors include the CAL-101, which is a delta isoform-selective PI3K inhibitor for hematological carcinomas. Another medication that Castiloga is trying to develop is the CAL-263, which is also a delta isoform-selective inhibitor that is to treat inflammatory diseases, and a third drug that Calistoga is also working on is the CAL-120, which is a delta and beta isoform-selective PI3K inhibitor that is designed to treat malignant tumor masses. CAL-120 is still in Phase 1 and the company plans to has all these drugs in Phase 2 by 2010.

According to Dr. James Topper, MD, PhD; chairman of Caistoga’s board of directors and general partner of Frazier Healthcare, the management team at Calistoga is highly experienced and is very consistent in meeting its goals and built a drug pipeline that has great promise for the future in the treatment of cancer and other inflammatory diseases. Calistoga has also developed an impressive portfolio of drugs that the company plans to develop.

Frazier Healthcare founded Calistoga in 2006 and to this date has raised over $56 million from all the current investors who participated in today’s investment.

Frazier Healthcare Ventures was founded in 1991 and has over $1.2 billion under its management. Frazier Helathcare is one of the leading vc firms that provide private equity and venture capital in the healthcare industry. Frazier Healthcare Ventures has invested in over 113 healthcare companies and the vc firm is famous for its team of partners who have experience in all the phases of a successful healthcare company from product launch to clinical testing and implementation.

Alta Partners is based in San Francisco and its main focus is on the life sciences industry. The vc firm was founded in 1996 and has about $2 billion of capital under its management. Alta Partners likes to invest in all stages of a company’s life and currently has over 110 companies in its portfolio.

Three Arch Partners is a vc firm that mainly invests in early stage companies and was founded in 1993. The main goal of Three Arch Partners is to provide companies with the necessary clinical and business resources for the sector of the healthcare industry the company focuses in. Three Arch Partners mainly likes to focus its investments on companies that create medical devices, healthcare services, and biotechnology. Currently the vc firm has over $1 billion under its management.

Founded in 2004, Amgen Ventures is a corporate vc firm that aims to provide emerging biotech companies with the resources needed for success. Amgen Ventures mainly focuses on companies that focus on human therapeutics and develop new drugs for the treatment of difficult diseases.

For more information about Calistoga Pharmaceuticals, click here.