Securing this first institutional investment by City Hill Ventures so quickly after the company’s formation helps validate Eclipse’s approach to cancer treatment.
San Diego, CA (PRWEB) March 28, 2011
Eclipse Therapeutics, Inc. ("Eclipse"), a biotechnology company dedicated to the discovery and development of therapeutics that target cancer stem cells and other forms of innovative cancer treatment, today announced the first close of an up to $2 million seed financing led by founding investor, City Hill Ventures, LLC. Proceeds from the first close will be used to launch the company's operations. The company also announced that Jonathan Lim, M.D., has joined their Board of Directors as Executive Chairman.
Eclipse is discovering therapeutic antibodies that specifically target key biologic pathways critical to the activity and survival of cancer stem cells, which play a critical role in the initiation, metastasis and recurrence of many cancers. Eliminating cancer stem cells, in conjunction with other therapies that address the tumor bulk, represents a new cancer treatment paradigm that could offer a distinct advantage over existing strategies and a solution for chemoresistance. The company was founded in March of 2011 by former Biogen Idec employees, Peter Chu, Ph.D. and Christopher Reyes, Ph.D. (Eclipse Therapeutics, Inc.); and former Halozyme Therapeutics CEO, Jonathan Lim, M.D. (City Hill Ventures, LLC).
"Targeting cancer stem cells to treat cancer is a major game-changer, and has the potential to significantly reduce the number of deaths for patients who have advanced disease," said Peter Chu, Ph.D., Eclipse Therapeutics' CEO. "Securing this first institutional investment by City Hill Ventures so quickly after the company's formation helps validate Eclipse's approach to cancer treatment." Expanding on Dr. Lim's role, Dr. Chu added: "Jonathan Lim has an accomplished track record of building Halozyme Therapeutics from the earliest startup phase to a successful public biotechnology company with a robust commercial and clinical pipeline. We are very excited about Jonathan's role in working with us to help launch Eclipse's operations and pursue our innovative approach to developing novel cancer stem cell drugs."
Dr. Lim added, "I am thrilled to be joining Peter and Chris to build Eclipse Therapeutics into a leading oncology company. Eclipse's promising early results have clearly benefitted from their passion and commitment in leading the cancer stem cell program at Biogen Idec over the past six years. We will do everything we can to make novel cancer treatments available to the patients who need them."
Currently Managing Partner and Founder of City Hill Ventures, LLC which he established in December 2010, Dr. Lim was previously President, CEO, and Board Director of Halozyme Therapeutics, Inc., where he grew the company from 5 employees and a market value of $5 million in May 2003 to 140 employees and peak market capitalization of nearly $1 billion during his tenure. Under his leadership, the company went public and raised $300 million from financing and corporate partnerships with Roche and Baxter, achieved two U.S. FDA approvals, and built a late stage pipeline of two Phase 3, two Phase 2, and two Phase 1 product candidates. Dr. Lim's prior experience includes management consulting at McKinsey & Company, NIH Postdoctoral Fellowship at Harvard, and general surgery residency at New York Hospital-Cornell.
About Eclipse Therapeutics, Inc.
Eclipse Therapeutics, Inc. ("Eclipse") is a private biotechnology company dedicated to the discovery and development of therapeutics that target cancer stem cells and other forms of innovative cancer treatment. Cancer stem cells are a subset of cells within a tumor thought to play a critical role in tumor initiation, metastasis and recurrence. They are also implicated in resistance to current standard of care cancer treatments. Eclipse is leveraging its deep expertise in cancer stem cell biology and therapeutic antibodies to develop novel therapeutics that address unmet needs in cancer patient care. For more information, please visit http://www.eclipsetherapeutics.com.
About City Hill Ventures, LLC
City Hill Ventures, LLC is a health care focused venture capital firm based in San Diego, California, one of the leading metropolitan area biotech and life science clusters in the world. City Hill Ventures makes primarily seed and early stage investments in private companies in life sciences and health care technology. City Hill's approach to maximizing value is to focus its capital and expertise on only a select group of portfolio companies at a time. This may involve launching a new company around a promising product or technology where City Hill may be a founder. The firm's selectivity ensures that all of its portfolio companies receive the attention they need to be successful. For more information, please visit http://www.cityhillventures.com.