FORT WASHINGTON, PA– October 28, 2008 - Vitae Pharmaceuticals, Inc., an
emerging pharmaceutical company dedicated to the discovery and development
of innovative small molecule medicines, announced today that it has further
strengthened its operating runway by entering into a $13 million loan agreement
with Silicon Valley Bank and Oxford Finance Corporation.
“These funds will support the initial clinical development of our potentially best-inclass renin inhibitor program, as well as ongoing discovery research in areas of
high unmet need, including our BACE (beta secretase) program for the treatment
of Alzheimers’ disease,” said Tina Fiumenero, Vitae’s Chief Financial Officer. “In
addition, the funding will enhance Vitae’s financial strength by extending our noncontingent cash runway into 2010, and substantially beyond that, when projected
milestones achievable from our 11-beta HSD1 diabetes collaboration are
“Despite difficult market conditions, SVB remains committed to fueling life
science innovations,” said Tom Gordon of Silicon Valley Bank’s Philadelphia
office. “Vitae has an outstanding management team. We look forward to
continuing to provide the company the resources it needs to be successful.”
“Oxford is pleased to provide financial support to further Vitae’s critical research,”
said J. Alden Philbrick, President and Chief Executive Officer of Oxford Finance Corporation. “Their discoveries will significantly improve the lives of millions of
people worldwide suffering from a variety of debilitating diseases, including
hypertension, Alzheimers’ and diabetes,”
About Vitae Pharmaceuticals, Inc.
Vitae Pharmaceuticals is an emerging pharmaceutical company dedicated to the
discovery and development of innovative drugs, with a unique and powerful
structure-based drug design engine and a rapidly maturing portfolio of high value
discovery programs. Vitae’s goal is to discover and develop innovative new
medicines, alone and in partnership, that will be best-in-class in important
therapeutic areas such as cardiovascular, metabolic and CNS diseases. Vitae
Pharmaceuticals is financed by leading venture capital and corporate investors
and is headquartered in Fort Washington, Pennsylvania. For additional
information, please visit the company’s website www.vitaepharma.com.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for emerging, growth and
mature companies in the technology, life science, venture capital/private equity
and premium wine industries. SVB provides a comprehensive suite of financing
solutions, treasury management, corporate investment and international banking
services to its clients worldwide. Through its focus on specialized markets and
extensive knowledge of the people and business issues driving them, Silicon
Valley Bank provides a level of service and partnership that measurably impacts
its clients’ success. Founded in 1983 and headquartered in Santa Clara, Calif.,
the company serves clients around the world through 27 U.S. offices and
international operations in China, India, Israel and the United Kingdom. Silicon
Valley Bank is a member of global financial services firm SVB Financial Group,
with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services.
More information on the company can be found at www.svb.com.
About Oxford Finance Corporation
Oxford Finance Corporation, a subsidiary of Sumitomo Corporation, is a specialty
finance firm providing senior secured loans to public and private life science
companies worldwide. For 20 years, Oxford has delivered flexible financing
solutions to its clients, enabling these companies to maximize their equity by
leveraging their assets. In recent years, Oxford has originated over $1 billion in
loans, with lines of credit ranging from $500 thousand to $30 million. Oxford is
headquartered in Alexandria, Virginia, with additional offices in California and
Massachusetts. For more information, visit www.oxfordfinance.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking
operation of SVB Financial Group. Banking services are provided by Silicon
Valley Bank, a member of the FDIC and the Federal Reserve. SVB Private Client
Services is a division of Silicon Valley Bank. SVB Financial Group is also a
member of the Federal Reserve.
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