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Thread: BW)(NY-ACORDA) Acorda Therapeutics Completes $55 Million Private Financing Led By Easton Hunt Capital Partners, L.P.

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    BW)(NY-ACORDA) Acorda Therapeutics Completes $55 Million Private Financing Led By Easton Hunt Capital Partners, L.P.

    BW)(NY-ACORDA) Acorda Therapeutics Completes $55 Million Private Financing Led By Easton Hunt Capital Partners, L.P.

    Business Editors/Health/Medical Writers

    HAWTHORNE, N.Y. & NEW YORK--(BUSINESS WIRE)--May 9, 2003--

    Company is in late stage trials for treatment of spinal cord injury and multiple sclerosis

    Acorda Therapeutics announced today that it has raised $55.3 million in a private venture financing led by Easton Hunt Capital Partners.
    Additional major investors are ABN AMRO Capital (Amsterdam), Cross Atlantic Partners (New York), JP Morgan Fleming Asset Management (New York), and Techno Venture Management (Boston and Munich). The Company has raised $129 million since it was founded in 1995.
    John Friedman, Managing Partner of Easton Hunt, will join Acorda's Board of Directors effective immediately. Sandra Panem, Ph.D., a Partner at Cross Atlantic Partners, currently serves on the Board.
    "We're proud to have Easton Hunt Capital Partners and other distinguished venture capital firms join our existing roster of seasoned investors. This support is especially gratifying given the current financial environment. We believe that this strong participation by both new and existing investors is an important validation of Acorda's development path," noted Ron Cohen, M.D., President and CEO of Acorda.
    Acorda plans to use the funding to advance its clinical and pre-clinical programs for spinal cord injury, multiple sclerosis and other central nervous system disorders. Fampridine-SR, the Company's lead product candidate, is in Phase 3 clinical trials to evaluate its safety and efficacy in the treatment of spasticity in people with chronic spinal cord injury. Secondary endpoints in the study include measures for improvement in bladder, bowel, and sexual function. Acorda also is testing Fampridine-SR in Phase 2 clinical trials to evaluate its safety and efficacy in the treatment of walking impairment and leg muscle strength in people with MS.
    Acorda has several additional products in development, including two technologies for repair of myelin in the central nervous system. The Company's remyelination program comprises exclusive worldwide licenses to a class of remyelinating monoclonal antibodies, and to a neuregulin, glial growth factor 2 (GGF2). Both therapeutic agents have shown proof of principle in animal models and are in preclinical development. Acorda also has an exclusive worldwide license to neuregulin 2 (NRG2), another member of the neuregulin family that has shown promise in promoting repair of nerves in the central nervous system.
    Mr. Friedman said, "Easton Hunt is proud to lead one of the largest private biotech financings in 2003 to date. We believe that Acorda represents a truly exciting investment opportunity in that it combines a first-rate management team with novel treatments for major CNS disorders for which there are few, if any, effective treatment alternatives. Given that Fampridine-SR represents a late-stage clinical product with years of patient experience, we are optimistic about the success of the product and the Company. We are delighted to be joined in this investment by such prominent investors as ABN AMRO Capital, Cross Atlantic Partners, JP Morgan Fleming Asset Management, and Techno Venture Management, among others."
    Easton Hunt Capital Partners, L.P. (EHCP), with offices in New York and Florida, is a venture capital/private equity fund investing in early and late stage venture capital transactions and management buyouts. Healthcare has been one of the Fund's key areas of focus. In healthcare, EHCP has concentrated on transactions in the drug discovery, drug delivery, and medical device arenas. Its target investments are well-managed companies characterized by differentiated products addressing major unserved markets.
    Acorda Therapeutics, a privately held biotechnology company, is developing therapies for spinal cord injury (SCI) and related neurological conditions, including multiple sclerosis (MS). The Company's lead product, Fampridine-SR, is in Phase 3 clinical trials for chronic SCI and Phase 2 for MS. Acorda's technology platform includes two remyelinating agents in preclinical development for MS. They include M1, a class of human monoclonal antibodies, and GGF2, a product of the neuregulin 1 gene. Both agents have been shown to restore myelin in the brain and spinal cord in animal models of MS. Additionally, Acorda is developing multiple approaches to regeneration and repair of the spinal cord and brain. In 2002, Acorda was the recipient of the National Spinal Cord Injury Association's L. W. Freeman Award for scientific research.


    --30--JTP/ny*

    CONTACT: Acorda Therapeutics
    Tierney Saccavino, 914/347-4300 x104
    tsaccavino@acorda.com
    or
    Easton Hunt Capital Partners, L.P.
    Sunny Sharma, M.D., 212/702-0950
    sharma@eastoncapital.com

    KEYWORD: NEW YORK
    INDUSTRY KEYWORD: BANKING BIOTECHNOLOGY
    SOURCE: Acorda Therapeutics

    source

    [This message was edited by Wise Young on 05-12-03 at 12:56 PM.]

  2. #2
    Bill M.

    Member posted May 11, 2003 01:04 PM テつ*
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    Acorda receives $55.3 million investment
    By JAY LOOMIS
    THE JOURNAL NEWS
    (Original publication: May 10, 2003)

    HAWTHORNE - Private investors agreed to inject an additional $55.3 million into Acorda Therapeutics, a biotech company that is researching and developing new drugs for spinal cord injuries, multiple sclerosis and nervous system disorders.

    It is the third-largest investment in a private U.S. biotech company this year, the Hawthorne-based company said.

    "We believe that this strong participation by both new and existing investors is an important validation of Acorda's development path," said Ron Cohen, president and chief executive officer of Acorda.

    The venture-capital investment was led by Easton Hunt Capital Partners of New York. ABN AMRO Capital in Amsterdam, Cross Atlantic Partners in New York, JP Morgan Fleming Asset Management in New York and Techno Venture Management in Boston and Munich are other major investors.

    Since starting up in 1995, Acorda has raised $129 million in financing.

    Fampridine-SR, Acorda's lead drug candidate, is in clinical trials for the treatment of chronic spinal cord injuries. Acorda licensed the drug from a Canadian research group and is developing it with the Irish drugmaker Elan Corp. A test of the medication on about 360 patients in the United States and Canada is scheduled to end late this year.

    The study also is looking at the drug as a potential treatment for bladder, bowel and sexual problems.

    Acorda has other products in development, including two technologies for repair of myelin in the central nervous system.

    Acorda's 30,000 square feet of office space in Hawthorne houses 70 people, including 27 scientists and research associates.

    "Easton Hunt is proud to lead one of the largest private biotech financings in 2003 to date," John Friedman, managing partner of Easton Hunt, said in a written statement. "We believe that Acorda represents a truly exciting investment opportunity in that it combines a first-rate management team with novel treatments for major (central nervous system) disorders for which there are few, if any, effective treatment alternatives."
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    Posts: 90テつ*|テつ*From: New Yorkテつ*|テつ*Registered: 08-14-01

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    Senior Member Max's Avatar
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    Acorda lands $55M

    Acorda lands $55M
    Tuesday, May 13, 2003

    By Andrew Morse

    In one of the largest biotech financings so far this year, Acorda Therapeutics Inc., a central-nervous-system therapy developer, announced on Friday, May 9, it had secured $55 million in a Series C funding.

    Easton Hunt Capital Partners of New York led the round, which included ABN Amro Capital of Amsterdam; Cross Atlantic Partners of New York; J.P. Morgan Fleming Asset Management of New York; and Techno Venture Management of Boston.

    Since its founding in 1995, the company has raised $129 million.

    Hawthorne, N.Y.-based Acorda Therapeutics develops therapies for patients with spinal cord injury, and related conditions such as multiple sclerosis. The company's lead candidate product, Fampridine-SR, is in Phase 3 trials, the final stage before submission to the U.S. Food and Drug Administration for approval, for spinal injury. It is in Phase 2 trials for use in treating multiple sclerosis, a debilitating disease that causes the inflammation and deterioration of the nerve fibers of the central nervous system.

    "We're proud to have Easton Hunt Capital Partners and other distinguished venture capital firms join our existing roster of seasoned investors," Acorda president and CEO Ron Cohen said in a statement. "We believe that this strong participation by both new and existing investors is an important validation of Acorda's development path."

    The deal is the fifth-largest biotechnology financing of the year and suggests a pick-up in the moribund financing environment. It follows a $63.5 million round for drug developer Rib-X Pharmaceuticals Inc. on May 1, $75.3 million for cancer drug developer Synta Pharmaceuticals Corp. on March 31, $56 million for drug delivery company Iomai Corp. on March 28 and $60 million for nicotine-based drug developer Targacept Inc. on March 19.

    Acorda's lead drug, if found effective, could offer hope to the thousands of people who suffer from multiple sclerosis. The unpredictable disease afflicts 400,000 Americans, according to the National Multiple Sclerosis Society. MS symptoms include blurred vision, loss of balance and coordination, slurred speech, shaking, numbness, extreme fatigue and even paralysis and blindness. At its most extreme, it can permanently paralyze victims.

    "We believe that Acorda represents a truly exciting investment opportunity in that it combines a first-rate management team with novel treatments for major CNS disorders for which there are few, if any, effective treatment alternatives," said John Friedman, a managing partner at Easton Hunt who will join Acorda's board, in a press release. "Given that Fampridine-SR represents a late-stage clinical product with years of patient experience, we are optimistic about the success of the product and the company."



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