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$6.5 Million for Achillion
Original funding partners raise stakes to $23.7 million
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Business New Haven
11/27/2000
By: Michael C. Bingham
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Achillion Pharmaceuticals Inc. of New Haven has bolstered its original $17.2 million round of financing by an additional $6.5 million in venture funding.
Partnered with Yale University, Achillion was capitalized in February of this year as one of the largest biotech startups in history. Schroder Ventures, Atlas Venture, Advent International and Connecticut Innovations Inc. were lead investors in the venture. Achillion President, Chief Executive Officer and Chief Scientific Officer William G. Rice announced November 17 that the same investors participated in the new round of financing.
“This additional funding, which was provided without the need for hitting the street for another round of financing, was a true vote of confidence by our investors,” Rice said.
“The immediate need for additional capital is a result of the company's meeting or exceeding its initial timelines in the areas of drug development, business development, recruitment of senior management and scientific staffs, building lab space and enhancing its intellectual property estate,” added Rice.
Achillion is a product-focused pharmaceutical company focusing on the discovery and development of therapeutic agents, particularly antiviral drugs to treat infections caused by hepatitis B and C viruses, herpes viruses, and the human immunodeficiency virus (HIV).
“We have shown our investors that we can manage our timelines and productivity very well, particularly in the area of drug development,” Rice said. “Our development team has a tremendous amount of knowledge and experience in the area of accelerated development and has a sincere dedication to bringing new drugs to the market for addressing serious diseases.”
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