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Perosphere Inc. Launched -- First Close of $1.5 Million Series A Convertible Preferred Stock Offering

Seasoned Pharmaceutical Executives and Drug Delivery Experts Join to Lead New Specialty Pharmaceutical Company

MOUNT KISCO, N.Y. - December 19, 2011 - Perosphere Inc., a newly formed company, announced today that it has closed on an initial amount of $1.0 million in equity investment. The investors in the first close of the Offering are prominent private investors and members of the Company's management team. In total, the Company is seeking up to $1.5 million in its Series A Convertible Preferred Stock Offering.

Perosphere is a private development-stage specialty pharmaceutical company with world-class drug delivery expertise. The Company identifies market opportunities where application of drug delivery technology to a drug already on the market can create a new medical use for that drug or enhance its safety, efficacy, or ease of use.

The drug candidates under development within the Company include: 1) a small molecule antidote to new generation factor Xa and IIa anticoagulants, 2) an intravenous neuroprotective that reduces brain cell damage after cardiac arrest, stroke, or traumatic brain injury, 3) an oral solid dose therapeutic that helps prevent blood clots from forming, 4) an oral solid dose therapeutic for treating ulcerative colitis, 5) a topical therapeutic to help deal diabetic foot ulcers, and 6) a new approach to rapid desensitization of people who are allergic to peanuts.

Management intends to develop the Company's drug candidates to the point where they are of interest to potential commercialization partners and license the drug candidates at that time.

Members of Perosphere's management team are:

  • Solomon S. Steiner, Ph.D., President, CEO & Chairman
  • Sasha H. Bakhru, Ph.D., VP & Chief Technology Officer
  • James C. Costin, M.D., VP of Medical Affairs & Chief Medical Officer
  • Bryan E. Laulicht, Ph.D., VP of Research
  • Edith Mathiowitz, Ph.D., Chief Scientific Officer
  • Peter van Straelen, VP of Business Development
  • Philip N. Sussman, VP of Finance & Chief Financial Officer
  • R. Timmis Ware, Esq., VP of Legal Affairs & General Counsel

Members of Perosphere's Scientific and Business Advisory Board are:

  • Robert S. Langer, Jr., Sc.D., Chairman, David H. Koch Institute Professor at MIT
  • Henry Brem, M.D., Neurosurgeon-in-Chief, the Harvey Cushing Professor and Chairman of the Department of Neurosurgery, and Professor of Neurosurgery, Oncology, Ophthalmology and Biomedical Engineering at the Johns Hopkins University School of Medicine
  • Harvey Cantor, M.D., Chair, Department of Cancer Immunology & AIDS and Baruj Benacerraf Professor of Microbiology and Immunobiology, Harvard Medical School
  • S. Thomas Emerson, Ph.D., David T. and Lindsay J. Morgenthaler Professor of Entrepreneurship at the Carnegie Mellon Tepper School of Business
  • John H. Laragh, M.D., Professor of Medicine in Cardiothoracic Surgery and Director of the Cardiovascular Center at the New York Presbyterian Hospital – Weill Cornell Medical Center