Financing Brings Total Raised in 2000 to $16 Million
Updated 7:59 AM ET August 8, 2000
COLLEGE PARK, Md., Aug. 8 /PRNewswire/ -- NeuralStem Biopharmaceuticals, Ltd. today announced the completion of a $5 million Series B financing from SJRJ, LLC, an investment company whose principal is Jeong H. Kim, Ph.D., founder and former Chairman and CEO of Yurie Systems, Inc., a world-leading developer of high-speed telecommunications equipment. The investment brings NeuralStem's total funds raised in 2000 to $16 million, which includes financing from private investors as well as an equity investment made earlier in the year by bioinformatics company Gene Logic, Inc.
NeuralStem will use the funds to expand its internal genomics program, which focuses on identifying, analyzing, and characterizing the function of genes in the central nervous system (CNS) using the company's patented human CNS stem cells. NeuralStem will apply the information it generates to create a proprietary functional genomics database -- a library of information on the function of genes in the CNS. The database will provide the cornerstone for NeuralStem's drug discovery program, in which the company will identify and validate novel therapeutic targets that may be screened against its cell lines.
"A clear theme throughout Jeong Kim's varied and highly successful career has been an ongoing commitment to making a contribution to society and helping people. This personal commitment continues with his support of NeuralStem's work," said I. Richard Garr, President and CEO of NeuralStem. "Dr. Kim's investment provides a significant boost to our time-critical efforts to create a database of gene function in the complex and largely unnavigated realm of the human CNS. We are extremely pleased to have a technology entrepreneur of his stature invest in NeuralStem and will look to his considerable expertise as an entrepreneur, business executive, and investor as we continue to build the company's therapeutic, drug discovery, and genomics programs."
A legend among telecommunications entrepreneurs, Dr. Kim founded Yurie Systems in 1992. Within six years he had built the firm into a world-leading developer of high-speed telecommunications technology, distinguished by Business Week as the nation's top "hot growth" company in 1997; and Dr. Kim was selected by Ernst & Young as Emerging Entrepreneur of the Year in 1998. The start-up's astounding success culminated in its acquisition in 1998 for $1.1 billion by Lucent Technologies, a global leader in the telecommunications equipment market. Dr. Kim currently serves in two senior executive positions at Lucent-Group President, Optical Networking Group (ONG) and President, New Business Ventures, Bell Labs and ONG. In addition, he is a member of the University System of Maryland Board of Regents and a Trustee of The Johns Hopkins University.
NeuralStem BioPharmaceuticals, Ltd. is a privately held company commercializing
proprietary, patented central nervous system (CNS) stem cell technology
and human neurons derived from its CNS stem cells as powerful new therapeutics
and research tools for drug discovery. In addition to applying the technology
to accelerate the discovery of CNS-related genes and their function, NeuralStem
is developing a new generation of biotherapeutic products to treat and
cure neurodegenerative and neurological disorders of the brain and spinal
cord, such as Parkinson's disease, Alzheimer's disease, stroke, multiple
sclerosis, spinal cord injury, and epilepsy.
CONTACT: Richard Garr, President and CEO of NeuralStem Biopharmaceuticals,
Ltd., 301-571-9323; or Alex Friend or Mary Moynihan, both of M2 Life Sciences