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EKR Therapeutics raises over USD 13m in Series C financing round

EKR Therapeutics, a US-based specialty pharmaceutical company that acquires, developes and commercialises proprietary therapeutics, has successfully raised over USD 13m through the private placement of Series C preferred shares

EKR Therapeutics, a US-based specialty pharmaceutical company that acquires, developes and commercialises proprietary therapeutics, has successfully raised over USD 13m through the private placement of Series C preferred shares.

This financing round was led by Quaker BioVentures, a new investor in EKR. Quaker is a Philadelphia-based venture capital firm with approximately USD 500m under management focused on investing in life science companies.

Also participating were existing EKR investors NewSpring Capital, Short Hills and ESP Equity Partners, a private investment company with operations in the US and China.

The Series C round also included as new investors the Garden State Life Sciences Venture Fund, a USD 10m fund available to emerging life sciences companies and managed by Quaker BioVentures. Also included in the fund is the Merrill Lynch Capital Healthcare Finance Group, a division of Merrill Lynch Business Financial Services.

Adele C Oliva, partner at Quaker will join EKR's board of directors. Oliva was recently recruited to Quaker from Apax Partners where she was a Partner and co-led the group. Her experience serving as a director for healthcare companies includes having served on the Board of ESP Pharma from its start-up in 2002 to its purchase in 2005 by PDL BioPharma in a transaction valued at over USD 500m.

EKR Pharma was co-founded by Howard Weisman, EKR's Chairman and CEO.

Since beginning operations in June 2006, EKR has completed the acquisition of US rights to its first product, Gelclair, recruited and deployed its own sales force and in late 2006 began actively marketing the product for the management of pain associated with chemotherapy and radiation induced oral mucositis/stomatitis.

Including this funding round, the company has to date successfully raised over USD 21m in support of ongoing operations and potential product acquisitions. EKR will use the funds to further execute its business strategy.

16th August 2007

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