Ceregene Secures $32 Million in Funding for Gene Therapy Development

Strategic Insights -

Ceregene, a biotechnology company focused on treating neurodegenerative disorders using gene therapy, has announced the initial closing of a $32 million Series B preferred stock financing. The financing was co-led by venture capital firms Alta Partners and MPM Capital, with additional participation from Hamilton-Apex Technology Ventures and California Technology Ventures. As a result of the financing, David Mack and Dennis Henner, representing Alta Partners and MPM Capital respectively, will join Ceregene's board of directors.

Key Takeaways:

  • Ceregene has secured $32 million in funding for the development of its gene therapy products, including CERE-120 for Parkinson's disease, CERE-130 for ALS, and CERE-110 for Alzheimer's disease.
  • The financing was co-led by Alta Partners and MPM Capital, with additional participation from Hamilton-Apex Technology Ventures and California Technology Ventures.
  • Ceregene's president and CEO, Jeffrey M. Ostrove, has been elected to the additional position of CEO.
  • The company plans to initiate several clinical trials during the coming year, including trials in Parkinson's disease and ALS.
  • Ceregene's in vivo gene therapies utilize non-replicating viral vectors to deliver therapeutic genes to the nervous system.
  • The adeno-associated viral (AAV) vector is a key gene delivery tool that has demonstrated ability to efficiently and stably express genetic information in non-dividing target cells.

Statistics:

  • $32 million: The amount of funding secured by Ceregene for the development of its gene therapy products.
  • 2001: The year Cell Genesys, Inc. launched Ceregene as a majority-owned subsidiary.
  • 25%: The percentage of Ceregene owned by Cell Genesys, Inc. following the financing.
  • 3: The number of core product candidates in Ceregene's pipeline, including CERE-120, CERE-130, and CERE-110.

Sources:

  • Ceregene, Inc. press release, August 30, 2004.
  • Health & Medicine Week via NewsRx.com & NewsRx.net, August 30, 2004.