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Relypsa formed with $33 Million Series A Funding to discover
and develop polymeric drugs.
Amgen-Ilypsa Spin-out Begins Operations with Polymeric Drug
Pipeline, Platform and Expert Team in Place
Santa Clara, CA, October 29, 2007 - Relypsa, Inc., a
privately-held biopharmaceutical company discovering and
developing novel polymeric drugs, today announced its formation
and the closing of a $33 million Series A financing, led by 5AM
Ventures and New Leaf Venture Partners with participation from
Delphi Ventures, CMEA Ventures and Mediphase Venture Partners.
The new company is a spin-out of Ilypsa, Inc., a wholly-owned
subsidiary of Amgen (Ilypsa was acquired by Amgen in July 2007
for approximately $420 million). Relypsa commences operations
with rights to a proprietary drug discovery platform and a
pipeline of product candidates including a potassium binder drug
candidate for the treatment of hyperkalemia that is anticipated
to enter clinical testing in early 2008.
Relypsa reunites experienced investors with a seasoned
management team, while providing a new employment opportunity
for 38 former Ilypsa employees. Relypsa will focus on the
discovery and development of novel, first-in-class, non-absorbed
polymeric medicines for the treatment of a range of illnesses,
including cardiovascular and renal diseases.
Leading the new company’s efforts will be Jay Shepard, Chief
Executive Officer, Gerrit Klaerner, Ph.D., Chief Operating
Officer, Detlef Albrecht, M.D., Chief Medical Officer and Jerry
Buysse, Ph.D., Chief Scientific Officer, all formerly of Ilypsa,
Inc. In conjunction with the Series A financing, Scott Rocklage,
Ph.D., Managing Partner of 5AM Ventures, will head the company’s
Board of Directors as Executive Chairman. Also joining the
Relypsa Board will be Vijay Lathi, Managing Director, New Leaf
Venture Partners, Deepa Pakianathan, Ph.D., General Partner of
Delphi Ventures, Jay Shepard and Jay Hagan of Amgen. Amgen will
maintain a minority equity stake in the new venture, as well as
certain rights related to the transferred programs.
"I am thrilled that we were able to work closely together with
Amgen to formulate this exciting venture in time to keep the
team together and the Ilypsa momentum going," said Dr. Rocklage.
"Relypsa will combine the same elements that enabled the prior
success of Ilypsa, that is: condensed timelines, capital
efficiency and clearly defined product endpoints.
"With a proven team and technology squarely in place, the funds
from the Series A will enable us to advance our lead candidates
into the clinic, while also working to discover new compounds,"
said Mr. Shepard.
"Amgen is pleased to help provide the opportunity for
experienced scientists to pursue the promising, early stage
polymeric research programs that they originated at Ilypsa,"
said Amgen’s Roger M. Perlmutter, Executive Vice President,
Research and Development. "Transferring these programs to
Relypsa is the most efficient way to ensure that these
innovative therapeutics reach the patients who need them."
"Amgen will continue to focus as planned on development of ILY
101 (now known as AMG 223), the polymeric phosphate binder for
the treatment of hyperphosphatemia in chronic kidney disease
obtained through the acquisition of Ilpysa," Perlmutter said.
"In addition, Amgen’s minority equity position and related
rights provide Amgen with a stake in the success of the new
company."
About Relypsa, Inc.
Relypsa, Inc. is a biopharmaceutical company leading the
discovery and development of new non-absorbed polymeric drugs
for important applications in renal and cardiovascular disease.
The company’s most advanced therapeutic programs include a novel
potassium binder for treatment of hyperkalemia, known as
ILY-105, as well as a novel sodium binder, ILY102, for the
potential treatment of congestive heart failure. Relypsa is
dedicated to discover additional product candidates through use
of its proprietary polymer platform.
Contact
Reypsa, Inc.
Gerrit Klaerner, Ph.D
SVP, COO
pr@relypsa.com |