Press Releases

HAYWARD, CA (January 12, 2004): Metabolex, Inc., a privately held pharmaceutical firm that discovers and develops drugs to treat diabetes and related metabolic diseases, today announced that it has raised an additional $4 million in a second close of its recent private equity financing. This close brings the total raised by Metabolex in this sixth round of funding to $31 million. The company originally announced a first close of this venture financing for $27 million on August 27, 2003. Participants in the second close included Birchmere Ventures, Merlin Biomed Group and CIBC World Markets. CIBC World Markets was the agent for this financing.

Metabolex, Inc. is a privately held pharmaceutical company dedicated to the discovery and development of drugs to treat diabetes and related metabolic disorders. The company’s lead compound, metaglidasen, is a novel insulin sensitizer in Phase I-II clinical development. Metabolex has also built a portfolio of other potential diabetes therapeutics, which includes a product candidate in preclinical development and various programs optimizing lead drug candidates. Additionally, Metabolex has two target discovery programs that have produced one of the world’s largest databases of diabetes-expressed genes. One of these programs, in insulin secretion, is partnered with Pfizer. The other, in insulin resistance, is partnered with Astellas Pharma Inc.