HALF MOON BAY, Calif.--(BUSINESS WIRE)--AltiBio, Inc. announced today that it has completed its Series A Preferred Stock financing through private placement of these securities to primarily European based investors. Several of the lead investors in this round were also initial investors in both BioMarin Pharmaceutical and Raptor Pharmaceuticals. “We had strong interest from those investors who had successful investments in two biopharma companies from which AltiBio has direct lineage,” said Patrick Reichenberger, President & CEO of AltiBio. “We look forward to exploring the US investor market for our Series B offering.”
AltiBio is developing two molecules for undisclosed rare diseases. The company has conducted successful proof of concept studies and has filed patent applications to support its therapeutic strategies for three projects: ATB223, ATB224, and ATB338. “We have discovered compelling science that undoubtedly has potential to help patients,” said Patrice Rioux, MD, PhD, acting Chief Medical Officer.
“It’s great to see an established team continue to succeed with new endeavors. The future looks bright,” added Chris Starr, PhD, former CEO and co-founder of Raptor Pharmaceuticals and Advisor to AltiBio.
AltiBio, Inc. is a San Francisco Bay Area biopharmaceutical company founded in early 2017 to bring relief to people living with rare and severe diseases. The management team is composed of several former Raptor executives and personnel. “We’d like to thank the investors who place value in improving patient lives,” said Reichenberger. “With the completion of our Series A, positive proof of concept, and patent applications filed, AltiBio now has the foundation upon which we can build a successful company.”
Forward Looking Statements: Statements in this press release which are not purely historical, including statements regarding the plans for AltiBio, Inc., in addition to intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. The forward-looking statements involve risks and uncertainties including, but not limited to the risk that the programs do not have significant upside potential. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties associated with completing additional proof of concept studies, formulation development, and clinical trials for our technologies; the early stage of product development; the significant costs to develop our products as all of our products are currently in development, preclinical studies or clinical trials; obtaining additional financing to support our operations and the development of our products; obtaining regulatory approval for our technologies; anticipated timing of regulatory filings and the potential success in gaining regulatory approval and complying with governmental regulations applicable to our business. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. AltiBio, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release