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PRNewswire March 29, 2005 TolerRx, Inc., a biopharmaceutical company focused on the discovery, development, and commercialization of novel therapies to treat patients with diseases of the immune system, today announces the completion of its Series D financing. The funds raised will finance the Company's clinical development programs and the continued advancement of its early product portfolio. Bear Stearns Health Innoventures (BSHI), a new investor to the Company, led the $31 million round which included all existing investors along with other new investors. New investors include NIF Ventures and individual investors. In addition, the Company announces the appointment of Wayne T. Hockmeyer, Ph.D. to Chairman of the Board of Directors. Dr. Hockmeyer has been a TolerRx board member since April of 2001. Dr. Hockmeyer is the Chairman of the Board and Founder of MedImmune, Inc. Dr. Hockmeyer is replacing Christopher K. Mirabelli, Ph.D. who has stepped down from the Board. Also, the Company has added Stefan Ryser, Ph.D., General Partner of Bear Stearns Health Innoventures to the Board. Dr. Ryser brings to the board extensive expertise in strategic decision making in the areas of both finance and biopharmaceuticals. The Company also announces the hiring of Thomas A. Shea as the Company's Chief Financial Officer. Mr. Shea has over 18 years experience in the biopharmaceutical industry. Mr. Shea recently served as the Chief Financial Officer of Cubist Pharmaceuticals. Mr. Shea will be responsible for the Company's financial and business development activities. "I am extremely pleased that we were able to complete a highly successful financing," said Dr. Douglas J. Ringler, President and Chief Executive Officer of TolerRx. "Raising these funds along with adding expertise to both our Board and our management team has positioned the Company to execute its plans to move TRX4 to pivotal trial in Type 1 diabetes and TRX1 to Phase II in cutaneous lupus." "We are excited about TolerRx's strength in immunology," said Stefan Ryser, Ph.D., General Partner of Bear Stearns Health Innoventures. "We believe TolerRx has great potential with its two lead products in clinical trials targeting sizable unmet markets." About TolerRx TolerRx is a biopharmaceutical company specializing in the discovery, development, and commercialization of novel therapies to treat patients with immune-mediated diseases. TolerRx's therapies induce and maintain immunological tolerance, the process by which the immune system identifies and avoids attacking the body's own tissues and proteins. TRX4 is a humanized anti-CD3 monoclonal antibody that has completed an investigator-sponsored Phase II clinical trial in patients with new onset Type 1 diabetes mellitus. TolerRx's TRX1 is a humanized anti-CD4 monoclonal antibody that has been partnered with Genentech, Inc. and is in Phase Ib clinical development. TolerRx also has research and discovery programs generating new products to induce immunological tolerance for the treatment of autoimmune diseases and to remove tolerance for the treatment of cancer or chronic viral diseases. For further information, please visit http://www.tolerrx.com. CONTACT: TolerRx, Inc. Douglas J. Ringler 1-617-452-1300 dringler@tolerrx.com SOURCE TolerRx, Inc. Web Site: http://www.tolerrx.com |
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