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BTG INVESTS IN LEADING SYNDICATE DEVELOPING COMPOUNDS WITH THERAPEUTIC POTENTIAL IN NEUROSCIENCES
BTG today announced it had invested in Avera Pharmaceuticals, Inc., a neuropharmaceutical licensing and development company, which recently completed a $16 million Series A venture capital financing led by Frazier Healthcare Ventures. Also included among the investors were Bay City Capital, InterWest Partners, Windamere Venture Partners, LLC, St. Paul Venture Capital and GlaxoSmithKline. Avera Pharmaceuticals Inc has just acquired from GSK its ownership rights in a proprietary series of neuromuscular blocking agents that were jointly discovered by GSK and researchers at the Weill Medical College of Cornell University. The lead compound in the series, GW280430A ("430A"), a rapid onset, ultra-short acting NMB agent -- has been tested in Phase I human clinical trials and is being readied for Phase II studies. Neuromuscular blocking agents are powerful muscle relaxants primarily used to ease endotracheal intubation as an adjunct to general anesthesia or to provide general muscle relaxation during surgical procedures. Commenting on the investment, Michael Garrett, Vice President of Ventures for BTG’s Health, Medical and BioTechnologies division said: "Through BTG’s participation, Avera will have access to substantial expertise in technology commercialisation and be in a position to work closely with our experts in the neuroscience field. "This is the first major life science syndicate BTG has invested in since raising £122 million in the 2000 rights issue. The quality of our partners and the technology this venture is developing will be invaluable as we work together to build Avera into a major player in this important therapeutic area," he added.
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