January 8, 2009
Satori Pharmaceuticals Raises $22 Million In Venture Capital
Satori Pharmaceuticals, Inc. raised $22 million in venture capital along with naming Dr. Jeffery Ives, the former CEO of Pfizer. The institutional financing is coming from InterWest Partners, Prospect Venture Partners, and New Enterprise Associates, Inc. The financing is to fund the development of treatments of neurodegenerative diseases. Satori Pharmaceuticals is a company that develops treatments for diseases such as Alzheimer�s and Parkinson�s disease. The company�s product is unique in the fact that the treatments which Satori develops target the neurotoxic mediators and pathways which cause these degenerative diseases. Alzheimer�s disease affects over 5.2 million people in the United States and causes the loss of memory, thought, and language. It is estimated that by 2050 the number of people affected by Alzheimer�s disease will double and available treatments offer only temporary relief for sufferers. As far as Chris Ehrlic, General Partner of InterWest Partners, Satori has one of the most interesting approaches seen in the neurological therapy industry. With Dr. Ives from Pfizer joining the company�s experienced team will help Satori further in this cause.
During Dr. Ive�s tenure at Pfizer, he lead the CNS and oncology teams which discovered more than 50 clinical candidates including new products such as Geodon, Chantix, and Tarceva. Dr. Ive�s role at Pfizer gave him a broad perspective on the development of treatments for unmet medical needs, such as the ones Satori Pharmaceuticals is working on.
Established in 1979, InterWest Partners is a vc firm that is centered on building long term relationships with entrepreneurs and portfolio companies. InterWest Partners has raised over $2.8 billion in capital and has 14 partners in Menlo Park, California and Dallas, Texas.
Based in Palo Alto, California, Prospect Venture Partners is a vc firm that manages $1 billion in venture capital. Prospect Venture Partners focuses on companies in the biomedical and life sciences industry. The vc firm invests in commercially attractive medical companies that have innovative technology or service that can provide great investment yields in the future.
New Enterprise Associates, Inc. is a leading vc firm that helps diligent entrepreneurs build major companies that use technology that improve our quality of life. Founded in 1978, NEA supports its entrepreneurs and provides great returns for its partners. NEA invests in all stages of a company�s development from seed funding to IPO. NEA has $8.5 billion in affiliated capital and the vc firm�s experienced management team has invested in over 650 different companies.