Metaphore Pharmaceuticals, Inc. Raises $40.2 Million in Series D Financing

Funding to Support Promising Pipeline of Drug Candidates for Pain and Inflammation

25-Aug-2004

Metaphore Pharmaceuticals, Inc., an emerging pharmaceutical company focused on the development of drugs for the treatment of pain, autoimmune disorders and inflammation, announced that it completed a $40.2 million Series D private equity financing in August 2004. Participants include existing investors HealthCare Ventures LLC, Advent Venture Partners LLP, Merrill Lynch Ventures, MDS Capital, and Prolog Ventures. The proceeds from this financing will be primarily used for the development and commercialization of Metaphore's lead products: intravenous (iv) and oral formulations of M40403 for pain.

"Metaphore is fortunate to be backed by premier investors and leading life science venture capital firms," said Alan W. Dunton, M.D., President and Chief Executive Officer of Metaphore Pharmaceuticals. "This successful round of financing demonstrates the confidence our investors have in Metaphore's promising pipeline of drug candidates and the strength of our clinical results to date. This additional financing will help us bring our products through development and to commercialization."

"We are pleased to provide additional funding for Metaphore, which we believe is an excellently managed company with unique science and a promising pipeline of products focused on pain and inflammation," said Eric Aguiar, M.D., General Partner of HealthCare Ventures, LLC. "Clinical results to date have been very encouraging and we believe the market opportunity for Metaphore's lead compound is considerable."

Metaphore is currently conducting two Phase II clinical trials of its lead compound, M40403iv. One study is in post-operative pain and the other study is in cancer pain. In April 2004, Metaphore announced positive results from a prior Phase II study demonstrating that the addition of M40403 to morphine (an opioid) improved the pain relieving effects of morphine in every measure of analgesic efficacy, including faster onset, longer duration, greater peak effect, and greater overall effect. The addition of M40403 also increased pain relief without increasing problematic side effects associated with morphine. In independent tests by the National Institute on Drug Abuse, M40403 was found to have no addictive properties or abuse liability.

The U.S. market for opioid agents, such as morphine, is approximately $4.8 billion and growing at approximately 20% per year, according to Wells Fargo Securities, LLC. More than 50 million surgical procedures are performed annually in the U.S., the vast majority of which use opioid analgesics.

https://www.bionity.com/en/news/39243/metaphore-pharmaceuticals-inc-raises-40-2-million-in-series-d-financing.html