Published on 10/12/2005 in the Prospect News Biotech Daily.
Raven raises $48.3 million from series D financing
By E. Janene Geiss
Philadelphia, Oct. 12 - Raven biotechnologies inc. said Wednesday that it raised $48.3 million in a series D financing.
Vulcan Capital was the lead investor. Other investors included Biogen Idec New Ventures, CIDC Consultants Inc. and Mitsubishi UFJ Capital Co., Ltd. Existing investors participating included Bear Stearns Health Innoventures, LP, Pequot Ventures, Singapore's BioMedical Sciences Investment Fund Pte Ltd, Integra Ventures, U.S. Venture Partners, CMEA Ventures, Hambrecht & Quist Capital Management, LLC, Milepost Ventures and Cogene Ventures.
Michael Kranda, managing director at Vulcan Capital, has joined Raven's board of directors, officials said in a press release.
Raven will use the funding for the ongoing RAV12 clinical development program, pre-clinical development of its second product, and general corporate purposes. RAV12 is an antibody that targets a novel antigen present in a number of human carcinomas.
"We believe RAV12 has the potential to be a promising new therapy for GI cancers that affect millions of patients," Kranda said in the press release.
South San Francisco, Calif.-based Raven biotechnologies is focused on the development of monoclonal antibody therapeutics for treating cancers.
| Issuer: | Raven biotechnologies, inc.
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| Issue: | Series D financing
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| Amount: | $48.3 million
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| Investors: | Vulcan Capital (lead), Biogen Idec New Ventures, CIDC Consultants Inc., Mitsubishi UFJ Capital Co., Ltd., Bear Stearns Health Innoventures, LP, Pequot Ventures, Singapore's BioMedical Sciences Investment Fund Pte. Ltd., Integra Ventures, U.S. Venture Partners, CMEA Ventures, Hambrecht & Quist Capital Management, LLC, Milepost Ventures, Cogene Ventures
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| Announcement date: | Oct. 12
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