SALMEDIX COMPLETES $ 27.5 MILLION SERIES B FINANCING

SAN DIEGO – June 19, 2002 – Salmedix, Inc. ., an oncopharmaceutical company, announced today that it has completed the sale of $ 27,500,000 of its Series B Preferred Stock.

(PRWEB) June 22, 2002

SAN DIEGO – June 19, 2002 – Salmedix, Inc. ., an oncopharmaceutical company, announced today that it has completed the sale of $ 27,500,000 of its Series B Preferred Stock.

New investors CMEA Ventures Life Sciences and Delphi Ventures co-led the round. New Other new investors, Aberdare Ventures, BioFrontier Global Investments, GeneChem Therapeutics Venture Fund, ProQuest Investments, and Ventures West [AIB- I chose alpha order; ok with you or should we do by size?] joined in the financing, along with all threethe existing Series A investors, InterWest Partners, Versant Ventures and Alexandria Equities. Christine Cordaro, General Partner of CMEA Ventures and Deepa Pakianathan, Ph.D., General Partner of Delphi Ventures, will [have] join[ed] the Board of Directors.

.[AIB – were they elected or appointed in the Ser B transaction or do we need to elect them? They were elected in the Unanimous Written Consent]

"We are pleased to have attracted strong co-lead investors and an excellent syndicate in this oversubscribed round,” said David S. Kabakoff, Ph.D., Chairman and CEO of Salmedix. “We plan to invest the proceeds to fund further clinical development of SDX-101, now in its first Phase II study for Chronic Lymphocytic Leukemia, to advance SDX-102 into Phase II trials, and to continue building our pipeline of oncology clinical candidates.” pipeline via in-licensing clinical stage compounds and internal development."

“The initial product candidates, strong management team and company strategy all attracted us to invest in Salmedix,” said Deepa Pakianathan, Ph.D. of Delphi Ventures. “We look forward to working with management and the Company’s advisory network as they create new oncology product opportunities.”

About Salmedix

Salmedix, an oncopharmaceutical company, in-licenses, develops and will commercialize new drugs, with an initial focus on hematologic cancers. The Company has exclusively licensed its initial product portfolio and intellectual property, invented in the laboratories of its scientific founders, from the University of California. This portfolio includes two clinical-stage compounds, SDX-101, a component of a drug which is currently marketed for non-oncology indications, and SDX-102, which has been previously studied in oncology patients, plus multiple earlier-stage product candidates. All of these agents function by selectively targeting metabolic differences between cancer cells and normal cells. An experienced team of “drug hunters” continues to identify and plans to in-license additional clinical-stage oncology agents.

For more information about Salmedix, please visit http://www.salmedix.com.