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Hercules provides $8 million in capital to Acceleron for phase 1 studies of its lead bone-loss drug
By E. Janene Geiss
Philadelphia, Jan. 5 - Hercules Technology Growth Capital, Inc. announced it has provided $8 million of growth capital debt financing to Acceleron Pharma, Inc.
"Since their series A raise in February 2004, Acceleron Pharma has made extraordinary progress in advancing their pipeline. We are excited to partner with them as they prepare to initiate a phase 1 clinical study in the first quarter of this year with their lead product candidate targeting bone loss," said Parag Shah, managing director of life sciences for Hercules, in a company news release.
The partnership will provide Acceleron with sufficient capital into 2007 to advance a second product candidate into the clinic and position the company to begin phase 2 clinical studies with its bone loss candidate, Shah said.
Acceleron said it secured the largest series A raise in the Boston area in 2004 from an investor syndicate that included Advanced Technology Ventures, Flagship Ventures, Polaris Ventures, Sutter Hill Ventures and Venrock Associates.
Founded in December 2003, Hercules is a Nasdaq-traded specialized finance company providing debt and equity growth capital to technology-related companies at all stages of development. The company primarily finances privately held companies backed by leading venture capital and private equity firms and also may finance certain publicly traded companies.
Acceleron, based in Cambridge, Mass., is a biopharmaceutical company developing therapeutics for metabolic and musculoskeletal diseases by selectively modulating specific signaling pathways in the TGF-B superfamily.
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