HemaQuest closes $13 million extension of Series B financing

HemaQuest Pharmaceuticals, Inc. (HemaQuest), a biotechnology company focused on developing small molecule therapeutics to treat hemoglobin disorders, announced today that it has closed a $13 million extension of their Series B financing. The Series B Extension is being funded by its existing investors: Aberdare Ventures, De Novo Ventures, Forward Ventures, Latterell Venture Partners and Lilly Ventures. Proceeds from the financing will be used to fund a randomized, double-blind, placebo-controlled Phase 2b clinical study evaluating lead product candidate HQK-1001 in patients with sickle cell disease. The Company believes this financing, combined with existing cash balances, will be sufficient to allow completion of the Phase 2b trial and to fund operations through early 2014.

"We are extremely pleased to have the continuing support of our existing investors," said HemaQuest Chief Executive Officer John P. Longenecker, Ph.D. "This additional financing enables us to continue our HQK-1001 clinical development program for sickle cell, moving another step closer to a new therapy for this devastating disease affecting underserved populations around the world."

SOURCE HemaQuest Pharmaceuticals, Inc.