Sequoia raises $35 million
Sequoia Pharmaceuticals says it has raised $35.0 million in a series C financing that will be used to further develop its pipeline candidates for the treatment of drug-resistant HIV infections, including the company's two lead clinical candidates, an HIV protease inhibitor as well as a novel therapeutic agent: a Pharmacokinetic Enhancer.
The Wellcome Trust led the round of financing and was joined by other existing investors including Healthcare Venture, Sofinnova Partners and Aberdare Ventures, as well as new investor, MedImmune Ventures. As a result, Julie Eskay-Eagle of Wellcome Trust and Wayne Hockmeyer, president of MedImmune Ventures, join the Sequoia board.
Cindy Collins, chief executive of Sequoia, said: "the proceeds from this series C financing enable us to further advance the development of our drug candidates. Sequoia is anticipating sponsoring two clinical trials beginning in early 2007."
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