TOLERRX, INC. ADVANCE TRX4 IN TYPE 1 DIABETES - ADDS SEVEN NEW INVESTORS INCLUDING FRONTPOINT PARTNERS

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TOLERRX, INC. ADVANCE TRX4 IN TYPE 1 DIABETES - ADDS SEVEN NEW INVESTORS INCLUDING FRONTPOINT PARTNERS
26 September 2006 - BTG

TolerRx, Inc., a biopharmaceutical company focused on the discovery, development, and commercialization of novel therapies to treat patients with diseases of the immune system, announced that it has completed a $35.6 million financing, which included funding from the Juvenile Diabetes Research Foundation, the world's largest charitable sponsor of research in Type 1 diabetes. The funds will support the clinical development of TolerRx's lead product, TRX4, an anti-CD3 monoclonal antibody in development for Type 1 diabetes and psoriasis. TolerRx is currently conducting clinical trials of TRX4 in subjects with Type 1 diabetes and plans to initiate a Phase III pivotal trial.

FrontPoint Partners, LLC, a new investor to the company, led the round which included six other new investors: Mesirow Financial, Swiss Re, QVT Fund LP, IBT Management Corporation, Brookstone Capital, in addition to the JDRF funding. Existing investors participating included: Skyline Ventures, Bear Stearns, Sprout Group, Rho Ventures, Artal Services N.V., and HealthCare Ventures.

"Phase II study results demonstrate that TRX4 is able to preserve beta cell function for up to a year and a half after a short course of therapy, " said Chip Skowron, M.D., Ph.D., of FrontPoint Partners. "In addition to reducing insulin need, the preservation of beta cell function will likely result in a significant reduction of the long term complications associated with Type 1 diabetes. In following, TRX4 therapy could provide patients with substantial clinical benefit."

"We are extremely pleased with the enthusiastic reception we received from investors. The partnership with JDRF and the investment by our new and existing investors validates the progress we have made with the TRX4 program and our commitment to bring this novel therapy to patients with Type 1 diabetes," said Dr. Douglas J. Ringler, President and Chief Executive Officer of TolerRx. "These funds, combined with JDRF's support and expertise, will allow us to further execute our plan to move TRX4 into a Phase III pivotal trial in new-onset Type 1 diabetes this year."

"Anti-CD3 therapy has shown great promise for the treatment of Type 1 diabetes. JDRF has financially supported prior clinical studies with TRX4, so our partnership with TolerRx for the clinical development of TRX4 is a natural progression of our commitment to bring new therapies to patients with Type 1 diabetes," said JDRF Executive Vice President for Research, Richard Insel, M.D.

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About: BTG
BTG is an intellectual property and technology commercialisation company that operates internationally. BTG creates value by investing in intellectual property and technology development, and in early stage ventures. We realise value through technology licensing, patent assertion and sale of equity investments. Through a multidisciplinary approach, we apply intellectual property and commercial expertise, together with specialist skills in science and technology, to create major product opportunities in the health and high tech sectors. BTG has commercialised important innovations, including Magnetic Resonance Imaging, Multilevel Cell Memory, Campath (alemtuzumab), the first monoclonal antibody treatment for chronic lymphocytic leukaemia, and recombinant Factor IX blood clotting protein. BTG operates through wholly owned subsidiaries BTG International Ltd and BTG International Inc in the UK and USA, respectively.

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