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Tuesday, October 28, 2008

Vitae Pharma borrows $13M for heart, Alzheimer drug projects

   Vitae Pharmaceuticals Inc., Fort Washington, a drug-molecule developer known for its focus on computer-based analysis, says it's borrowed $13 million from Silicon Valley Bank's Philadelphia-area office and Sumitomo Corp.'s Oxford Finance Corp. Vitae employs 50 at Fort Washington.

  The money will pay for work on Vitae's renin inhibitors, which fight high blood pressure, as well as "ongoing discovery research" on Bace (beta secretase), a treatment for Alzheimer's disease, said chief financial officer Tina Fiumenero. In a statement, she said the money will keep Vitae going into 2010 -- "and substantially beyond that" if Vitae's 11-beta HSD1 diabetes partnership with Boehringer Ingelheim meets its targets in the meantime. Boehringer invested $36.5 million upfront and committed up to $300 million more, said Vitae chief financial officer Tina Fiumenero.
 
  “Despite difficult market conditions, SVB remains committed to fueling life science innovations,” said Tom Gordon of Silicon Valley Bank’s Philadelphia office, in a prepared statement. He praised Vitae's management team. Oxford chief executive J. Alden Philbrick praised the quality of its research.

   Borrowing money is a shift for Vitae, whose past investors include venture capitalists Prospect Venture Partners, Venrock Associates, New Enterprise Associate and Atlas Venture, as well as industry investors GlaxoSmithKline, Wellcome Trust, Boehringer Ingelheim, Intel Capital and Allergan Corp.
Posted by Joseph N. DiStefano @ 9:23 AM  Permalink | 2 comments
Comments   
  • 0 like this / 0 don't   •   Posted 11:15 PM, 11/13/2008
    Comment about Alzheimer's Disease Treatment Information:In this section, you will learn how Alzheimer's disease is treated. Because there is no cure, managing the disease usually involves medications to control symptoms, in combination with various non-drug strategies designed to ease the suffering of the person afflicted as well as his or her family and caregiver.We'll tell you what medications might be used and what clinical trials are underway to improve drug treatment of Alzheimer's. We'll also describe the critical role of the caregiver, give you tips for communicating and actively engaging a person with the disease, explain how home modifications may impact Alzheimer's, and describe how diet, exercise and complementary health approaches fit into overall care. --------------------------- joycelorenza washington drug rehab
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  • 0 like this / 0 don't   •   Posted 11:15 PM, 11/13/2008
    Comment about Alzheimer's Disease Treatment Information:In this section, you will learn how Alzheimer's disease is treated. Because there is no cure, managing the disease usually involves medications to control symptoms, in combination with various non-drug strategies designed to ease the suffering of the person afflicted as well as his or her family and caregiver.We'll tell you what medications might be used and what clinical trials are underway to improve drug treatment of Alzheimer's. We'll also describe the critical role of the caregiver, give you tips for communicating and actively engaging a person with the disease, explain how home modifications may impact Alzheimer's, and describe how diet, exercise and complementary health approaches fit into overall care. --------------------------- joycelorenza washington drug rehab
    — joycelorenza


2 comments
About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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