South San Francisco, CA (February 26, 2004) – Hudson Health Science, Inc., a biopharmaceutical company headquartered in San Francisco, California, today announced that it has raised $4.7M in a private equity financing with select private and institutional investors.
“We are excited by the level of investor participation, support and enthusiasm in this financing,” said Hudson chief financial officer, Jonathan Serbin. “This is a significant vote of confidence in our corporate and scientific plan from institutional and private investors that have participated in this financing. We look forward to continuing to build investor confidence and strengthening the Company's operations.”
“This financing will enhance Hudson's ability to ensure the optimal development program for our lead compound, PT-523,” said Mark Ahn, chief executive officer of Hudson Health Science. “We see this as a vote of confidence in PT-523, a novel antifolate therapy with potential applications in oncology and immunological diseases. Hudson has licensed PT-523 from the Dana-Farber Institute and recently initiated Phase I clinical trials for treatment of advanced solid tumors.”
About Hudson Health Sciences
Hudson Health Sciences (HHS) acquires, develops, and commercializes innovative products for the treatment of important unmet medical needs in cancer and immunological diseases. We are committed to creating value by building a world-class team, accelerating the development of lead product candidates, expanding our pipeline by being the alliance partner of choice, and nurturing a unique company culture. Additional information on Hudson Health Sciences can be found at www.hudson-health.com.
Forward Looking Safe Harbor Statement:
This news release contains forwardlooking statements. Such statements are valid only as of today, and we disclaim any obligation to update this information. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes. Drug discovery and development involve a high degree of risk. Factors that might cause such a material difference include, among others, uncertainties related to the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development thereof, the completion of clinical trials, the FDA review process and other governmental regulation, our pharmaceutical collaborator's ability to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, product pricing and third party reimbursement, and other factors described in our filings with the Securities and Exchange Commission.
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