http://www.americanventuremagazine.com:80/news.php?newsid=2894
Palo Alto, Calif.–Adding a dermatology focused pharmaceutical company to its portfolio, Hercules Technology Growth Capital, Inc., a leading specialty finance company providing growth capital to venture capital and private equity backed technology and life science companies, today announced that on May 2, 2007 it provided $10 million of venture debt financing to Neosil, Inc.
Neosil is currently in development of two dermatological products. First is Neosil’s prescriptive hair growth peptide, designed to promote hair growth in patients with androgenetic alopecia. The product has recently completed a phase IIa clinical trial in Germany and demonstrated statistically significant increases in terminal hair counts of treated patients. Neosil’s second product is a topical antimicrobial treatment. The treatment, which has shown indications of a broad scope of action, offers opportunities within dermatology, surgery, burn therapy and prevention of bacterial and fungal colonization of the skin.
“Hercules was particularly impressed with Neosil’s product pipeline and scope of therapeutics in development for an early stage pharmaceutical company,” said Kathy Conte, managing director of life sciences at Hercules. “We believe that the broad range of application and consumer driven need for both of Neosil’s current products will provide a number of opportunities for success within the industry.”
“With the specialized financing from Hercules, Neosil can more easily navigate the development process and allocate funds to further clinical trials for our products currently in development,” noted Eugene Bauer, M.D., chief executive officer of Neosil.