In the areas of cancer, dermatology and cardiovascular disease, Vitae has four lead product candidates poised for clinical development in 2005, as well as a pipeline of additional compounds.
The $34 million financing for Vitae brings together funding from two new investors and Vitae’s existing investors. The company’s new investors are Atlas Venture and Wellcome Trust, adding to existing investors Prospect Venture Partners, Venrock Associates, and New Enterprise Associates.
Peter Barrett, senior partner of Atlas Venture, will join Vitae’s board of directors. Allergan and Intel round out the list of Vitae’s major shareholders.
Proceeds from this financing will contribute to advancing Vitae’s product candidates into human clinical trials, including lead product candidates from assets acquired from Allergan in May 2004 as well as from the company’s proprietary product engine. Vitae has raised a total of $75 million in equity capital to date.
“The change of our corporate brand to Vitae marks a significant evolution in our company,” said Jeffrey Hatfield, CEO of Vitae Pharmaceuticals, “and the additional financing will accelerate our progress in delivering superior products to the marketplace.”
“We are thrilled to be working with a world class team that has a demonstrated ability to develop high value products,” said Peter Barrett, senior partner of Atlas Venture and prospective board member of Vitae. “Vitae has established the richest pipeline of programs we’ve ever seen in a company at this stage of development. No doubt, they will have the opportunity to create numerous high value partnerships on these programs going forward.”