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New Leaf Venture Partners Announces $8.5 Million Financing in
TransOral PharmaceuticalsNEW YORK & MENLO PARK, Calif. Oct. 28, 2005 -- New Leaf Venture Partners (NLV Partners) announced today that it has led a $23 million Series C private equity financing in TransOral Pharmaceuticals, Inc. TransOral is a biopharmaceutical company developing proprietary pharmaceutical products utilizing a drug delivery technology that enhances bioavailability and speeds onset of action. NLV Partners invested $8.5 million in the financing, which also included investments from InterWest Partners, Montreux Equity Partners, Hamilton BioVentures, Vivo Ventures, and Peninsula Equity Partners. Glenn A. Oclassen, TransOral President & CEO stated, "We are pleased to be able to add the substantial and proven resources and capabilities of New Leaf and InterWest to our investor group. Montreux, Hamilton, Vivo and Peninsula have been steadfast TransOral supporters, and we are grateful for their continued faith in the company as we move forward in developing our lead products." In connection with the financing, Kathy LaPorte, Managing Director of New Leaf Venture Partners, has joined TransOral’s Board of Directors. Ms. LaPorte said, "TransOral is well on its way in the clinical development of faster acting drugs in multi-billion dollar therapeutic categories. We look forward to working with the TransOral team to create major shareholder value." About TransOral TransOral Pharmaceuticals, Inc. is a biopharmaceutical company in the clinical stage of development of products that employ a proprietary drug delivery technology to enhance the bioavailability of existing major market pharmaceuticals and speed their onset of action. The lead TransOral products will compete in the sleep and migraine therapeutic markets. The TransOral top management team includes Mr. Oclassen, President & CEO, Founder and CSO Dr. Nikhilesh Singh, and CFO/VP Operations Thomas Soloway. Dr. Singh and Mr. Oclassen have significant records of success in the creation of new pharmaceutical products and companies. In 1985, Mr. Oclassen became the Founder and CEO of Oclassen Pharmaceuticals, a dermatology drug development and marketing company that was acquired by Watson Pharmaceuticals in 1997. Dr. Singh was a key drug development scientist at Procter & Gamble, G. D. Searle, and Watson Pharmaceuticals where he was a leader in the development of a wide range of drug products. Mr. Soloway spent nine years with Montreux Equity Partners and has a broad experience base in financing and building early stage companies. About NLV Partners NLV Partners is a life science-dedicated venture capital firm with offices in Menlo Park and New York. Founded by the former members of Sprout Group's Healthcare Technology venture team, NLV Partners invests primarily in companies focused on clinical-stage biopharmaceutical products, early-stage medical devices, and molecular diagnostics. In addition, the NLV Partners team continues to manage the existing $800 million healthcare technology portfolio of Sprout Group. Contact Burns McClellan, New York on Behalf of NLV Partners Justin Jackson 212-213-0006 ext. 327 jjackson@burnsmc.com |