Press Release
FOR IMMEDIATE RELEASE
Vital
Therapies Closes $28.1 Million Financing
Funding
Will Support Development, Deployment of Artificial
Liver
San
Diego, CA., September 12, 2007 /PRNewswire/-
Vital
Therapies, Inc. (VTI) announced today the completion of a
$28.1 million Series C financing. The new capital will
support continued developed of ELAD®, the world's only
human cell-based artificial liver. The financing was led by
Versant Ventures which was joined by new investors Delphi
Ventures, HBM BioMed China and DFJ DragonFund China. Also
participating were existing investors MedVenture
Associates, Valley Ventures, Toucan Capital and Heights
Capital. Ross Jaffe, M.D., of Versant Ventures has joined
VTI's board of directors, representing the Series C
investors.
Terry Winters, Ph.D., Chairman and CEO said: "These
experienced medical investors recognize that liver disease
is a large, growing problem with limited solutions. I look
forward to working with them as we prepare our filing for
marketing approval in China, advance our U.S. clinical
program and refine our global strategy."
Pivotal human trials at two leading hospitals in Beijing,
China, have confirmed ELAD® is a promising therapy for
serious, acute liver failure. To date, only liver
transplantation has been shown to increase survival.
However, demand for liver transplantation far exceeds the
supply of donor livers, creating a need for an alternative
life saving therapy such as ELAD® . In China alone, an
estimated 160 million people suffer from chronic liver
infections such as Hepatitis B and C.
About ELAD® (Extracorporeal Liver Assist Device)The ELAD®
system provides important metabolic support for patients
with liver failure, enabling a bridge-to-transplant or
recovery, depending on the type and severity of liver
disease. The system consists of four cartridges containing
cells that function like a normal human liver. The cells
metabolize toxins and remove waste products while
delivering essential proteins into the plasma. These
cartridges are incorporated into a blood pumping system at
the patient's bedside and enable continuous treatment for
up to 12 days. The key to ELAD's® performance is a
proprietary human hepatocyte cell line that can be grown,
stored and shipped worldwide.
About Vital Therapies. Inc.Vital Therapies, Inc. (VTI) is a
private San Diego-based liver therapy company that was
founded in 2003. It is developing the first human liver
cell-based system which provides important metabolic
support for patients with severe liver failure. The
company's manufacturing facility meets cGMP specifications
to produce ELAD® cartridges for patient treatment.
CONTACTS:Jan Barker
VP Marketing of Vital Therapies, Inc.
1-415-710-0288 Cell
MEDIA:Kevin Knight
1-972-385-9384 Office
1-214-732-9392 Cell
