QUINNOVA PHARMACEUTICALS, INC. COMPLETES $13.6 MILLION
SERIES A FINANCING
NEWTOWN, PENNSYLVANIA – NOVEMBER 28, 2006 - Quinnova Pharmaceuticals, Inc., a
specialty dermatological pharmaceutical company focused on the
development and commercial sale of prescription drug products based on
innovative dermal drug delivery platforms, announced today that it has
completed a $13.6 million Series A round of private financing.
Participating in the financing are Thomas, McNerney & Partners, H.I.G.
Ventures and an investor syndicate led by Omnivest (Bermuda) Ltd.
"We are very proud of Quinnova's progress in the
relatively short time since the company's inception and the fact that
this progress has allowed the company to attract an outstanding group of
investors whose expertise and reach add tremendous value to Quinnova on
a 'go forward' basis," stated Jeffrey S. Day, President, Chief Executive
Officer and co-founder of Quinnova. "The funds raised in this financing
will allow us to accelerate the development of our product pipeline and
introduce the company's first dermatological prescription drug products
to market in 2007."
As a result of the financing, three new members have joined
Quinnova's board of directors: Alex Zisson, partner at Thomas
McNerney & Partners, Aaron Davidson, managing director of H.I.G.
Ventures, and Frits Besselaar, corporate officer of Omnivest
"We're very pleased to be backing Jeff and Chris, and helping to
prepare for Quinnova's first commercial launches next year," stated Alex
Zisson. "We also see a great opportunity to invest in the company's
delivery platforms and assure a continual stream of new products in the
"Our investment in Quinnova represents an exciting opportunity to build
a new company focused on the high growth market for dermatological
products," stated Frits Besselaar. "We look forward to working closely
with the company in an effort to maximize the potential for its current
and future pipeline of products."
John Dyett of Salem Partners, LLC, served as the company's placement
agent, and handling the transaction for Quinnova was Christopher S.
Brennan, the company's EVP Operations, General Counsel and co-founder,
as well as Ella DeTrizio and Sara Bucholtz from Dechert LLP. Thomas,
McNerney & Partners and H.I.G. Ventures were represented by Kristopher
Brown and Jesse Yeo from Ropes & Gray LLP and Omnivest ( Bermuda ) Ltd.
was represented by Todd Johnston and Matthew Weingast of Drinker Biddle
& Reath LLP.
About Quinnova Pharmaceuticals, Inc.
Quinnova Pharmaceuticals, Inc. is a specialty
dermatological pharmaceutical company focused on the development and
commercial sale of prescription drug products based on in-licensed
dermal drug delivery platforms. The company employs a "reformulation
strategy" whereby already-proven safe and effective pharmaceutical
ingredients are delivered, either individually or in combination, in
unique, effective, convenient, cosmetically elegant and patent protected
delivery systems. By employing this strategy, the company will use its
own sales force to bring dermatological prescription drug products to
the commercial market on a relatively short development timeline by
significantly reducing the regulatory hurdles for entrance into the
marketplace for a substantial portion of its product pipeline.
Additionally, the company's portfolio of versatile drug delivery systems
lends itself to out-licensing and corporate partnering opportunities
beyond the core portfolio of drug products that the company itself
develops. For more information, please visit:
About Thomas, McNerney & Partners
Thomas, McNerney & Partners, LLC,
is a health care private equity firm that invests in life science and
medical technology companies. Employing a multi-stage investment
approach, Thomas, McNerney & Partners has just under $600 million in
assets under management and provides seed and early stage funding to
help entrepreneurs launch companies, as well as growth capital to
emerging companies for furthering clinical development or for expansion
of product commercialization. For more information, please visit:
About H.I.G. Ventures
H.I.G. Ventures partners with entrepreneurs to
provide the capital, expertise and relationships necessary to build
market-leading businesses. With over $550 million in dedicated venture
capital under management, the firm's team invests nationally in early,
mid and growth-stage information technology and life sciences
businesses. H.I.G. Ventures is the venture capital affiliate of H.I.G.
Capital, a leading private equity investment firm with over $3 billion
of capital under management. H.I.G. Ventures has offices in Atlanta and
Miami . For more information, visit
About Omnivest (Bermuda) Ltd.
Omnivest (Bermuda) Ltd. is an investment holding
company based in Bermuda and is advised by Princeton Investment
Advisors, Inc. (PIA), which is located in Princeton , New Jersey .
Omnivest's multi-million dollar investment portfolio consists of a
variety of onshore and offshore investments. PIA was founded in 1992 by
Mr. Frits Besselaar who is the company's current president and chief
investment officer. During Mr. Besselaar's tenure at PIA, Omnivest has
invested in many highly successful investment partnerships, with
investment mandates that have focused on distressed debt, convertible
arbitrage, event driven transactions, long/short equity, private equity
About Salem Partners LLC
Salem Partners is a Los Angeles based investment
bank which provides capital raising and merger & acquisition advisory
services to companies in the life sciences, technology and media
industries. Founded in 1997, Salem Partners has completed transactions
with aggregate value of over $3 billion. For more information, please