Published: Friday, June 16, 2006
Bothell firm in the money
Venture investors back MediQuest Therapeutics Inc.'s efforts with $16 million in capital.
BOTHELL - MediQuest Therapeutics Inc., a biotechnology company that is developing treatments for mostly overlooked conditions, has raised $16 million in its first try at wooing venture capitalists.
Fred Dechow, chief executive officer of the Bothell firm, said MediQuest initially had hoped to raise $10 million, but was delighted to find stronger-than-expected interest from venture investors.
Launched in Seattle 12 years ago, MediQuest has honed its focus to pharmaceutical treatments for infectious and inflammatory skin conditions. Its lead drug candidate is for Raynaud's phenomenon, a disease that causes pain in the fingers and toes of at least 6 million Americans.
MediQuest's patented gel for that condition is in a late-stage phase-3 trial. In earlier tests of the potential drug, it demonstrated effectiveness within five minutes of application.
The venture money will help with that and the rest of the regulatory approval process.
"This will continue that development, and should get us to the point where we are ready to file a new drug application on our lead product," Dechow said.
Additionally, the new cash also will help him fill out the company's management team, which lacks a chief financial officer and managers to oversee clinical and medical affairs.
The company also is testing a topical gel that may be effective against the most prevalent form of toenail fungus.
Additionally, MediQuest is working on cosmetic-type products that don't require the same long-term regulatory approval process. Those include a hair-growth control compound that slows the growth of underarm hair. An unidentified Fortune 100 company has signed a research and development contract for that product.
Seattle-based Integra Ventures and Novo A/S of Denmark jointly led the venture investment, with Janus and Masa Life Science Ventures also taking part. Soren Schifter of Novo A/S and A. Sinclair Dunlop of Masa will join MediQuest's board of directors as a result. Joseph Piper of Integra Ventures will become the company's new chairman.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
Fred Dechow, chief executive officer of the Bothell firm, said MediQuest initially had hoped to raise $10 million, but was delighted to find stronger-than-expected interest from venture investors.
Launched in Seattle 12 years ago, MediQuest has honed its focus to pharmaceutical treatments for infectious and inflammatory skin conditions. Its lead drug candidate is for Raynaud's phenomenon, a disease that causes pain in the fingers and toes of at least 6 million Americans.
MediQuest's patented gel for that condition is in a late-stage phase-3 trial. In earlier tests of the potential drug, it demonstrated effectiveness within five minutes of application.
The venture money will help with that and the rest of the regulatory approval process.
"This will continue that development, and should get us to the point where we are ready to file a new drug application on our lead product," Dechow said.
Additionally, the new cash also will help him fill out the company's management team, which lacks a chief financial officer and managers to oversee clinical and medical affairs.
The company also is testing a topical gel that may be effective against the most prevalent form of toenail fungus.
Additionally, MediQuest is working on cosmetic-type products that don't require the same long-term regulatory approval process. Those include a hair-growth control compound that slows the growth of underarm hair. An unidentified Fortune 100 company has signed a research and development contract for that product.
Seattle-based Integra Ventures and Novo A/S of Denmark jointly led the venture investment, with Janus and Masa Life Science Ventures also taking part. Soren Schifter of Novo A/S and A. Sinclair Dunlop of Masa will join MediQuest's board of directors as a result. Joseph Piper of Integra Ventures will become the company's new chairman.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
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