Concurrent Pharmaceuticals Secures $15 Million in Series B Financing from Intel Capital

Strategic Insights -

Concurrent Pharmaceuticals, a pioneering biopharmaceutical company, has successfully completed a Series B Preferred Stock financing totaling $15 million. The funding round was led by current investors Prospect Venture Partners, Venrock Associates, and New Enterprise Associates, with new investor Intel Capital joining the list. As part of the agreement, Intel and Concurrent will leverage machine learning tools in the discovery and development of novel pharmaceuticals, marking a significant milestone in the company's efforts to integrate computer sciences into drug discovery.

Key Takeaways:

  • Concurrent Pharmaceuticals has developed a unique computational drug discovery platform, Concentricsm, which combines computer sciences with medicinal chemistry and discovery biology to speed up the drug discovery process.
  • The company has successfully advanced its lead discovery program, a renin inhibitor, into preclinical testing using its innovative technology platform.
  • The $15 million Series B financing will enable Concurrent to continue validating its computational technologies and accelerate the preclinical development of its novel renin inhibitor series.
  • Concurrent's technology has the potential to address challenges in life sciences research, enabling pharmaceutical companies to develop drugs more quickly and efficiently.
  • The collaboration with Intel will utilize machine learning tools to optimize the discovery and development of novel pharmaceuticals.
  • Rename, which is a major program for pharmaceutical company, has not mentioned in this article.
  • David Tennenhouse, Vice President and Director of Research, Intel Corporation, believes that Concurrent's computational approach is designed to address the complexities of life sciences research.
  • Intel Capital's investment in Concurrent Pharmaceuticals is part of its strategic interest in growing the Internet economy through equity investments and acquisitions.

Statistics:

  • $15 million - The total amount of Series B Preferred Stock financing secured by Concurrent Pharmaceuticals.
  • 3 - The number of novel, highly potent and selective renin inhibitor series being developed by Concurrent.
  • 2004 - The target year for achieving a clinical development candidate with the characteristics necessary for significant value in treating hypertension, renal failure, and vascular diseases.
  • 215-461-2019 - The phone number for Richard Baxter, Chief Business Officer of Concurrent Pharmaceuticals.

Sources:

  • "Concurrent Pharmaceuticals, Inc. Announces Completion of Series B Preferred Stock Financing" (PRNewswire, Jan. 12)
  • Concurrent Pharmaceuticals website (http://www.concurrentpharma.com/)
  • Intel Capital website (http://www.intel.com/capital)
  • Richard Baxter, Chief Business Officer, Concurrent Pharmaceuticals, Inc. (phone number)
  • David Tennenhouse, Vice President and Director of Research, Intel Corporation
  • Concurrent Pharmaceuticals, Inc. is a privately held biopharmaceutical company.
  • Intel Capital is a strategic investment program of Intel Corporation.