-Proceeds to Broaden Leading Epigenetics Product Engine and Advance Pipeline
towards the Clinic-
CAMBRIDGE, Mass.–(Business Wire)–
Constellation Pharmaceuticals, Inc., the leading biopharmaceutical company
focused on discovering and developing new drugs targeting epigenetic regulation
of the human genome, today announced that it has raised $22 million in a Series
B financing round. The financing round was led by SR One, the independent
corporate healthcare venture capital arm of GlaxoSmithKline, with participation
from existing investors Third Rock Ventures, The Column Group, Venrock, and
Altitude Life Science Ventures. This Series B financing brings the total amount
of capital raised by Constellation in the two years since its founding to $54
million.
Proceeds from the financing will be used to advance the development of
Constellation`s pipeline of compounds towards the clinic. These funds will also
enable Constellation to continue applying its innovative epigenetics product
engine to probe multiple classes of novel drug targets involved in chromatin
regulation and disease.
“We are delighted to have SR One, a premier venture capital investor, lead the
Series B round. Their investment highlights the value created since our Series A
financing round and the transformative potential of epigenetics as a platform
for novel therapeutics” said Mark A. Goldsmith, M.D., Ph.D., President and Chief
Executive Officer of Constellation Pharmaceuticals. “Our differentiated ability
to develop a pipeline of drugs against a broad range of epigenetic target
classes is a core feature of our business strategy, and this investment allows
us to accelerate our efforts to bring these discoveries to the patient.”
About Constellation Pharmaceuticals
Constellation Pharmaceuticals is the leading biopharmaceutical company dedicated
to the discovery and development of novel therapeutics in the emerging field of
epigenetics, a new field of science that focuses on selective regulators of gene
function and expression. The Company`s academic founders represent the core
thought leaders in epigenetics and are responsible for numerous key advances in
the field. Constellation Pharmaceuticals is located in Cambridge, Massachusetts.
For more information, please visit the company’s website at
www.constellationpharma.com.
Constellation`s Board of Directors include: Mark Levin, Partner, Third Rock
Ventures; David Goeddel, Ph.D., Partner, The Column Group; Anthony Evnin, Ph.D.,
Partner, Venrock; Tom Maniatis, Ph.D., Isidore S. Edelman Professor and
Chairman, Department of Biochemistry and Molecular Biophysics, Columbia
University; Bob Tepper, M.D., Partner, Third Rock Ventures; and Mark A.
Goldsmith, M.D., Ph.D., President and CEO, Constellation Pharmaceuticals.
About Epigenetics
Epigenetics is an exciting new field of biology that involves the study of
chemical modifications of both DNA and of its packaging proteins (“chromatin”),
which are collectively called the `epigenome`. The genome, or DNA, is the
“blueprint” for the human body, consisting of thousands of genes, which are the
fundamental units of information necessary for normal cell growth and
development. The epigenome plays an important role in regulating the expression
of genes, that is, switching genes on or off – or in the case of disease, for
switching genes on or off incorrectly. This new field of epigenetic science
provides the opportunity to create a broad new class of human therapeutics
targeting enzymes that chemically modify DNA or chromatin and therefore
influence gene expression.
The Yates Network
Kathryn Morris, 845-635-9828
Copyright Business Wire 2010
Wine cheaper than water in Australia!
Sydney, July 5 (ANI): The unprecedented meltdown that Australia’s wine industry is facing has driven wine prices lower than bottled water.
The price collapse and over planting has forced Australia’s biggest winemaker, Foster’s, owner of prestigious labels such as Lindemans and Penfolds, to sell 31 vineyards across the country.
Major wine retailer Dan Murphy’s has started selling cleanskins for 1.99 dollars a bottle – cheaper than some bottled water, news.com.au reports.
Thanks to the all time low wine industry, some vineyard owners are leaving grapes to wither on the vine.
“We’ve seen growers who didn’t bother picking their grapes this year. There is a huge oversupply and we have more grapes than we are selling, and prices are being pushed down,” said wine industry critic Stuart Gregor.
A crisis meeting by winemakers concluded that 20 percent of vines needed to be phased out in the next three years to re-address the imbalance, said Winemakers Federation of Australia director Mitchell Taylor.
Apart from Foster’s, Constellation Wines Australia, which owns such labels as Houghton and Banrock Station, had two wineries and 16 vineyards left for sale after placing 26 properties on the market last August.
According to wine commentator Jeremy Oliver, the fire-sale of vineyards and plummeting prices is the reality check for the industry. He estimated 20 per cent of land under vine in Australia was not needed.
“Some vineyards are just being left. People are walking away, which is leading to concern that disease could take over and spread into other properties,” Oliver said.
About 1.5 million tonnes of grapes are required for the annual vintage, but this year about 1.7 million were harvested while the previous 12 months the harvest was about 1.8 million tonnes. (ANI)