full text:
LEAD Therapeutics, Inc., a chemistry-driven drug discovery company, announced it has raised $17 million in Series A financing co-led by Pappas Ventures and ProQuest Investments. Also participating in this financing round is Mustang Ventures, a China-focused venture firm.
Headquartered in the San Francisco Bay Area, LEAD Therapeutics is led by an experienced small molecule drug discovery team with proven track records in the pharmaceutical and biotech industries. The company plans to carry out majority of its discovery research activities in China, and has already initiated two drug discovery programs in infectious diseases and oncology, respectively.
Peter Myers, Chief Executive Officer and Chairman of the Board of LEAD Therapeutics, stated, “We are very pleased to gain the support of Pappas Ventures and ProQuest, two experienced life sciences venture investors, as well as that of Mustang Ventures, a firm known for its high tech investments in China. This financing demonstrates important confidence and support in our innovative approach to capital-efficient drug discovery.”
“LEAD Therapeutics has assembled a management and scientific team with an outstanding track record of successful drug discovery and development in various therapeutic areas at both large and small companies, including Onyx Pharmaceuticals, GlaxoSmithKline, Parke Davis/Warner Lambert, Abbott Laboratories and others,” said Arthur M. Pappas, Managing Partner, Pappas Ventures. “Their proven abilities, combined with a novel business model designed to optimally utilize resources in both the United States and China for maximum cost effectiveness in the discovery process, made this a compelling investment story for our firm.”
“LEAD Therapeutics’ business strategy is designed to capitalize on the best scientific and technical resources of both China and the United States, enabling the company to more cost efficiently deliver high quality IND candidates that can currently be achieved in the West alone,” said Alain Schreiber, MD, Partner at ProQuest Investments. “Moreover, by establishing R&D capabilities within China, the company will be well-positioned over time to benefit from increasing demand for China capabilities from Western pharmaceutical companies.”
As part of the transaction, Arthur M. Pappas of Pappas Ventures and Alain Schreiber of ProQuest Investments have joined the LEAD Therapeutics board of directors.
For more information, visit http://www.leadtherapeutics.com/