As part of the transaction, David Schnell, M.D., a managing director of Prospect Venture Partners, has joined the Lux Biosciences board of directors.
"We are very pleased that Prospect Venture Partners has joined this Series A round," commented Ulrich Grau, Ph.D., president and chief executive officer of Lux Biosciences. "As a highly respected and experienced group of life science venture investors, their decision to invest is further validation of Lux's business strategy, products and experienced management. We welcome Dr. Schnell's expertise in pharmaceutical business development, product marketing and strategic operations to our board and look forward to gaining from his past industry experience and the significant intellectual resources of the Prospect Venture Partners team overall."
"At Prospect, we particularly seek to invest in strong management teams, and the Lux team has a great track record of success in bringing innovative drugs to market both generally and within the ophthalmic space," said Dr. Schnell. "We are very pleased to join the existing investors and management team to assist Lux as it develops its portfolio of interesting products addressing important medical needs with the opportunity for near term commercialization."
About Lux Biosciences
Lux Biosciences is a privately held biotechnology company dedicated to the identification, optimization, development and commercialization of products for the treatment of ophthalmic diseases. The company's business strategy is characterized by:
-- A focus on compounds already marketed or with clinical proof of concept in non-ophthalmic indications that Lux will develop as unique, targeted therapies for corresponding ophthalmic diseases, with potentially greater efficacy and safety than existing treatments.
-- A clinical-stage portfolio of projects including a next-generation calcineurin inhibitor that has potential in several ophthalmic diseases and, as such, represents a pipeline of product opportunities. The initial one of these is planned to enter pivotal clinical testing by early 2007, and -- if successful -- Lux expects it will reach the market in 2009.
This strategy is being implemented by an experienced, execution-oriented management team that combines a history of achievement in drug development and commercialization with deep insight and scientific expertise in immunology and ophthalmology.
More information on Lux Biosciences can be found at www.luxbio.com.