New Funds to Help Guide the Next Stage of Company's Development SAN RAMON, Calif., Oct. 7
SAN RAMON, Calif., Oct. 7 /PRNewswire/ -- Odyssey Thera, Inc. announced
today a new equity financing, with Merck and Co., Inc. as one of the investors.
Existing investors Burrill & Company, HBM Partners, and Healthcap also
participated. The funds will be used to support continued advancement of
Odyssey Thera's technologies and products. This is the first close of the
current financing round, which will remain open through the end of 2008.
Hugh Rienhoff, M.D., a San Francisco Bay area physician and entrepreneur,
will serve as chairman of Odyssey Thera's board of directors. Dr. Rienhoff
stated, "The Company has reached several significant milestones. Odyssey
Thera's technology platform has been embraced by many of the world's leading
pharmaceutical companies, and our cumulative expertise is a significant
enabler in the drug development process -- for our partners and for Odyssey
Thera."
In connection with the financing, Alan Sachs, M.D., Ph.D., Vice President
of RNA Therapeutics for Merck Research Laboratories, was elected to the
Odyssey Thera board of directors.
"This investment from Merck and continuing support from current investors
validates Odyssey Thera's scientific and business plans," said Dr. John K.
Westwick, President and CEO of Odyssey Thera. "We look forward to applying
our unique and proprietary technologies to develop our pipeline and to support
Merck programs, with the aim of advancing multiple commercial opportunities."
About Odyssey Thera, Inc.
Odyssey Thera's patented technology measures disease-relevant pathway
activity within living human cells. Rapid identification of on-target and
off-pathway activities of lead compounds enables selection of drug candidates
with optimal efficacy and safety profiles. The Company's leadership position
in fundamental patents, technology, and know-how relating to cellular analysis
has enabled it to form major alliances with leading companies including Pfizer,
Abbott, and Merck. Odyssey Thera is also leveraging its proprietary drug
discovery and development platform for internal programs. To learn more about
Odyssey Thera, please visit http://www.odysseythera.com.
SOURCE Odyssey Thera, Inc.
