Meritage Pharma Raises $22.5 Million

Meritage Pharma Inc., a San Diego-based drug development company, has raised $22.5 million in Series A funding. Backers include Domain Associates, Latterell Venture Partners and The Vertical Group. The company's initial candidate was acquired by Verus Pharmaceuticals, and is focused on treating allergic inflammation of the gastrointestinal tract.

PRESS RELEASE

Meritage Pharma, Inc., a privately- held, specialty pharmaceutical company, announced today that it has raised $22.5M in a Series A financing, which included investors Domain Associates, Latterell Venture Partners and The Vertical Group.

Meritage Pharma is committed to the development of prescription products based on proven safe and effective molecules to meet the unmet needs of patients and their caregivers. Meritage Pharma's initial product candidate is intended for the treatment of allergic inflammation of the gastrointestinal tract. This product candidate was acquired from Verus Pharmaceuticals, Inc., in a transaction also announced today by Verus.

In connection with the Series A financing, Meritage Pharma announced its founding management team: Cam L. Garner, Chairman; Elaine M. Phillips, President and Chief Executive Officer; Malcolm R. Hill, Chief Scientific Officer; and Adam K. Simpson, Chief Business Officer. In addition to Mr. Garner, Meritage Pharma's Board of Directors is comprised of James C. Blair, Partner of Domain Associates; Kenneth J. Widder, Partner of Latterell Venture Partners; and Elaine M. Phillips.

“With the support of these leading venture capital investors, the completion of the acquisition from Verus and the formation of our management team, we are well positioned to execute our strategy,” said Dr. Phillips. “We intend to use the proceeds of this financing to continue the development of this initial product candidate and to look for additional product opportunities.”

“Meritage Pharma's founding management team has an established track record of building specialty pharmaceutical companies and in identifying and developing novel products for the treatment of atopic conditions,” said Dr. Blair. “We are excited to support the Meritage Pharma team in their endeavors.”

More information about Meritage Pharma is available at meritagepharma.com.