SAN DIEGO, Feb. 11, 2011 /PRNewswire/ — Conatus Pharmaceuticals
Inc. today announced the closing of a $20 million Series B
Preferred Stock private placement financing. This financing
was led by new investor, AgeChem Venture Fund of Montreal, Canada,
and included participation by existing investors; Aberdare
Ventures, Advent Venture Partners, Bay City Capital, Gilde
Healthcare Partners, and Roche Venture Fund. Conatus will use
the proceeds to advance the clinical development of CTS-1027, a
novel clinical-stage drug candidate the Company has licensed from
F. Hoffman-La Roche, Ltd. and is the subject of multiple Phase 2
clinical trials in hepatitis C (HCV)-infected patients.
As part of the financing, Louis Lacasse from AgeChem will join
the Conatus Board of Directors. “We are very excited about joining
such an elite group of investors to support the development of
CTS-1027 which we believe could be a blockbuster drug for the
treatment of HCV infections,” said Louis Lacasse.
Continuing Board Directors are Paul Klingenstein from Aberdare
Ventures, Shahzad Malik, M.D., from Advent Venture Partners,
William Gerber, M.D., from Bay City Capital, and Marc Perret from
Gilde Healthcare, and independent directors, David Hale and Hal Van
Wart, Ph.D. Steven J. Mento, Ph.D., Co-founder, President and CEO
of Conatus, will continue as Chairman of the Board.
Concurrent with the first closing of the Series B financing,
Conatus also converted promissory bridge notes into Series B
The Series B financing will remain open for an additional period
as other potential investors conclude their diligence.
“This financing enables Conatus to expand the clinical
development of CTS-1027 as a cell-based antiviral for the treatment
of HCV infections. We believe that CTS-1027 represents a novel
approach to treating HCV disease and look forward to developing
this drug candidate in the HCV-null responder population in