Area cos. raise $18.1m

BT Catalyst,  April, 2002  

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Despite the sluggish U.S. economy, three area biotechnology companies managed to raise a total of $18.1 million in venture capital recently.

Norak Biosciences Inc. of Research Triangle Park closed on $13 million in Series B venture capital financing provided by a variety of new and existing investors.

The round was led by first-time investor Noro-Moseley Partners of Atlanta, and included Series A investors Intersouth Partners and Aurora Funds, both of Durham.

Norak is utilizing its proprietary Transfluor[TM] technology for the discovery and development of drugs that regulate G protein-coupled receptors (GPCRs).

DarPharma Inc. of Chapel Hill recently raised $3.6 million to fund the company and its research and development efforts until early 2003.

DarPharma's lead drug, DAR100, an injectable drug candidate for the treatment of late-stage Parkinson's disease, will soon begin clinical trials.

The funding came from various private and nonprofit sources, including $750,000 from the Stanley Research Foundation of Bethesda, Md., which funds research for neurological and psychiatric disorders.

MoliChem Medicines Inc. (OTC Bulletin Board: MLCM) of Chapel Hill recently received $1.5 million in funding when two shareholders exercised warrants to purchase additional shares of the company's common stock.

Dacha Capital Inc. and Multivox Marketing Inc., both located in Montreal, each invested $750,000 when they purchased the stock.

The funding will be used to further the clinical development of Moli1901 for cystic fibrosis -- now in clinical trials in the U.S. -- and Moli56A/B for the treatment of critical illness.

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