Barrier Therapeutics Raises $32 Million in Series C Financing
October 27 2003 - 12:47PM
PR Newswire (US)
Barrier Therapeutics Raises $32 Million in Series C Financing
PRINCETON, N.J., Oct. 27 /PRNewswire/ -- Barrier Therapeutics Inc.,
an emerging biopharmaceutical company focused on the field of
dermatology, today announced that it has raised $32 million in a
Series C round of financing. This brings the total amount raised by
the Company, since its inception in late 2001, to approximately $78
million. MPM Capital, a new investor, led the Series C financing
from both its BioVenture Fund III and BioEquities Funds. All of
Barrier's previous institutional investors also participated in
this round; they include: Johnson and Johnson Development
Corporation, TL Ventures, JP Morgan Partners, Perseus-Soros
BioPharmaceutical Fund (PSBF), Baker/Tisch Investment Partners and
KBC of Belgium. "We are fortunate to have the support of MPM, as
well as that of our existing investor group, and we are honored to
be aligned with such an impressive group," said Geert Cauwenbergh,
Ph.D., Chairman and Chief Executive Officer of Barrier. "We are
pleased to add this investment in Barrier to our current portfolio
of healthcare investments," noted Nick Simon, General Partner, MPM
Capital. "We look forward to working with Barrier as they continue
to develop their product pipeline in dermatology." Proceeds from
the financing will be used to support the Company's clinical trial
programs, in-licensing strategy and domestic and international
marketing initiatives. In April of 2003, the Company launched Phase
III clinical trials for two of its products: a Phase III clinical
trial for Barrier's lead product, Zimycan(TM), for use in
Candida-associated diaper dermatitis is being conducted at sites
throughout the United States and Latin America; and the Phase III
trials for Seboride(TM), for the treatment of seborrheic
dermatitis, were conducted in both Europe and the United States. In
June of 2003, Barrier received orphan drug designation from the
Commission of the European Community for Liarozole, a drug for the
treatment of congenital ichthyosis. With a licensing agreement with
The Research Institute for Medicine and Chemistry in July of 2003,
Barrier secured the exclusive global license to Ecalcidene, a novel
Vitamin D3 derivative, in numerous therapeutic areas beyond, and
including, dermatology. About Barrier Therapeutics, Inc. Barrier
Therapeutics, Inc. is a biopharmaceutical company focused on the
development of novel dermatological therapeutics. The privately
held company was formed to develop and market dermatological
products based on intellectual property initially in-licensed from
Janssen Pharmaceutica Products, L.P., Johnson & Johnson
Consumer Companies, Inc., and Ortho-McNeil Pharmaceutical, Inc.
(all affiliates of Johnson & Johnson). Barrier's current
clinical pipeline includes four products in, or entering, Phase III
clinical trials to treat fungal infections, Candida-associated
diaper dermatitis, seborrheic dermatitis, and congenital
ichthyosis. The earlier-stage clinical products -- for psoriasis,
acne, skin inflammation, fungal infections, allergies, and wound
healing -- are complemented by a broad portfolio of pre-clinical
candidates. In September of 2003, the Company established new
headquarters at 600 College Road East in Princeton, New Jersey. The
Company has a wholly- owned subsidiary in Geel, Belgium. Web site:
http://www.barriertherapeutics.com/ DATASOURCE: Barrier
Therapeutics, Inc. CONTACT: Anne M. VanLent, +1-609-945-1202, or
Cheryl McLaughlin, +1-609-945-1256, both of Barrier Therapeutics,
Inc.; Rhonda Chiger (Investors), +1-917-322-2569, or Pete Holmberg
(Media), +1-917-322-2164, both of Rx Communications Group, LLC for
Barrier Therapeutics, Inc. Web site:
http://www.barriertherapeutics.com/
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