Portfolio Press Release
TransOral Pharmaceuticals Completes Oversubscribed Series C Private Equity Financings
Investors provide $23 million in capital to fund further clinical development of fast onset drug products
San Rafael, CA - October 25, 2005 — TransOral Pharmaceuticals, Inc. today announced the completion of an oversubscribed Series C financing in the amount of $23 million. TransOral is a biopharmaceutical company developing proprietary pharmaceutical products utilizing a drug delivery technology that enhances bioavailability and speeds onset of action. The investor syndicate was led by New Leaf Venture Partners, and included a new investment from InterWest Partners and follow-on investments by Montreux Equity Partners, Hamilton BioVentures, Vivo Ventures, and Peninsula Equity Partners.
Glenn A. Oclassen, TransOral President & CEO stated, "We are pleased to be able to add the substantial and proven resources and capabilities of New Leaf and InterWest to our investor group. Montreux, Hamilton, Vivo and Peninsula have been steadfast TransOral supporters, and we are grateful for their continued faith in the company as we move forward in developing our lead products."
Kathy LaPorte, Managing Director at New Leaf, and Chris Ehrlich, Partner at InterWest, will join the TransOral Board of Directors. Ms. LaPorte said, "TransOral is well on its way in the clinical development of faster acting drugs in multi-billion dollar therapeutic categories. We look forward to working with the TransOral team to create major shareholder value." The TransOral Board will now include Dan Turner of Montreux, David Coats of Hamilton, G. Kirk Raab, Thomas D. Kiley, Kathy LaPorte of New Leaf, Chris Ehrlich of Interwest, and Glenn A. Oclassen.
About TransOral
TransOral Pharmaceuticals, Inc. is a biopharmaceutical company in the clinical stage of development of products that employ a proprietary drug delivery technology to enhance the bioavailability of existing major market pharmaceuticals and speed their onset of action. The lead TransOral products will compete in the sleep and migraine therapeutic markets.
The TransOral top management team includes Mr. Oclassen, President & CEO, Founder and CSO Dr. Nikhilesh Singh, and CFO/VP Operations Thomas Soloway. Dr. Singh and Mr. Oclassen have significant records of success in the creation of new pharmaceutical products and companies. In 1985, Mr. Oclassen became the Founder and CEO of Oclassen Pharmaceuticals, a dermatology drug development and marketing company that was acquired by Watson Pharmaceuticals in 1997. Dr. Singh was a key drug development scientist at Procter & Gamble, G. D. Searle, and Watson Pharmaceuticals where he was a leader in the development of a wide range of drug products. Mr. Soloway spent nine years with Montreux Equity Partners and has a broad experience base in financing and building early stage companies.
About New Leaf and Interwest
New Leaf Venture Partners (NLV) is a life science-dedicated venture capital firm with offices in Menlo Park and New York. Founded by the former members of Sprout Group's Healthcare Technology venture team, NLV Partners invests primarily in companies focused on clinical-stage biopharmaceutical products, early-stage medical devices, and molecular diagnostics. In addition, the NLV Partners team will continue to manage the existing $800 million healthcare technology portfolio of Sprout Group.
InterWest Partners (www.interwest.com), founded in 1979, is a leading diversified venture capital firm focused on building long-term relationships with entrepreneurs and portfolio companies. Currently investing their ninth fund, IW IX, a $600 million fund, InterWest has more than $2 billion of capital raised. InterWest has 16 investing partners in Menlo Park, CA and Dallas, TX, who bring together deep domain knowledge in life sciences and information technology. InterWest Partners has consistently helped grow some of the most influential companies in information technology and life sciences.