MitoKor files with SEC for initial public offering

San Diego Business Journal, March 18, 2002

San Diego-based biotechnology firm MitoKor said recently it filed with the Securities and Exchange Commission for an initial public offering.

All offered shares will be sold by MitoKor, the firm said March 11.

Underwriters for the offering will be RBC Capital Markets, Lazard, Legg Mason Wood Walker Inc. and Gerard Klauer Mattison.

MitoKor focuses on the mitochondria, the principal energy source of cells and their genome, which can sometimes go awry.

Defects in the mitochondria have been linked to diseases including Alzheimer's and Parkinson's disease, stroke, glaucoma and adult-onset diabetes.

MitoKor has ongoing research projects in such areas as diabetes, osteoarthritis and obesity and recently completed Phase I clinical trials in Parkinson's disease.

In 1998, MitoKor struck an R&D partnership deal with Pfizer Inc. targeting neurodegenerative diseases.

Other investors include Chiron Corp. of Emeryville and American Home Products.

MitoKor acquired two biotechs with technologies that would help advance its drug discovery and development efforts.

The firm was founded in 1991 under the name Applied Genetics and then became MitoKor in 1996.

Applied Genetics' focus was on developing diagnostics targeting Alzheimer's disease, but then switched to discovering and developing therapeutic drugs, where the market potential is bigger, said Ronald Deane, chief business officer at MitoKor.

The company has 124 employees, including 64 people working at the Mimotopes unit in Melbourne, Australia.

They are Chiron Technologies Pty. Ltd. of Melbourne, Australia, a former Chiron unit and Apollo BioPharmaceutics of Cambridge, Mass., which focused on the discovery of estrogen-like compounds.

MitoKor said it plans to use the net proceeds of the offering for working capital and general purposes, including buying technologies, products and companies.

Send biotechnology news to mwebb@sdbj.com