MEDIVIR TO RECEIVE SHARES IN PRESIDIO PHARMACEUTICALS
A completed share issue of USD 26m in the San Francisco-based company Presidio Pharmaceuticals, Inc., Medivir's licensing partner for the antiviral compounds alovudine (MIV-310) and PPI-801/802 (MIV-410), will trigger Medivir receiving Series B shares in Presidio.
30-Aug-07 Several US institutions, including Panorama Capital, Baker Bros Investments, Nexus Medical Partners, and Bay City Capital, as well as the Canadian venture firm Ventures West and existing investors Sagamore Bioventures, have invested in the new share issue.
”The quality of the investors Presidio has attracted reflects the potential that world-class investors see in these antiviral programs, and we are looking forward to seeing them proceed further in development," commented the CEO of Medivir HIV Franchise, Bo Öberg.
"We are impressed by PPI-801/802’s new mechanism of action and its excellent preclinical efficacy against multi-drug resistant virus isolates. We are pleased to have Medivir as a partner as we move forward into clinical studies with PPI-801/802, and closer to the day when this drug can help the growing number of patients who are infected with resistant HIV," said Dr Omar K. Haffar, President and CEO of Presidio.
For additional information please contact:
Rein Piir, CFO and VP, Investor Relations, Medivir AB +46 8 546 831 23
For further information on Medivir, please see our website: www.medivir.se.