SOUTH SAN FRANCISCO, Calif. – May 7, 2001 – AGY Therapeutics, Inc. today announced the closing of a $13 million private placement of Series B-2 convertible preferred stock. Funds raised in the Series B financing total $24.5 million, bringing the total amount the company has raised to $27.6 million. Investors participating in this financing include: Alta Partners, GIMV Venture Capital, Forward Ventures, Jafco Co., Ltd., Lombard Odier, and Novartis Venture Fund.

"The success of our fundraising during current market conditions offers tremendous validation for our approach to understanding and treating diseases of the central nervous system. We have made great progress with our work to-date, and we feel confident that we have the expertise to build a strong target identification and drug discovery pipeline," said Karoly Nikolich, chief executive officer of AGY Therapeutics.

Proceeds from the financing will allow AGY Therapeutics to advance its programs in stroke, Alzheimer's disease, depression, epilepsy and brain tumors. The company will continue to strengthen the utility of its proprietary imAGYne™ platform technology, as well as develop in-house drug discovery and development capabilities.

AGY Therapeutics, Inc. is a privately held biopharmaceutical company focused on developing therapeutic products for the treatment of diseases of the central nervous system. With its proprietary imAGYne, imArrays and imFormatics platforms, AGY has built a unique knowledge base of the neuroprotective capacities and vulnerabilities of the nervous system.

This news release contains forward-looking statements about future research and development efforts. These statements represent our judgment as of the date of this news release and are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed in such forward-looking statements. In particular, we face risks and uncertainties that further research into these genes may not go forward as planned or that future scientific data on these genes may not provide supportive data for the diseases we are targeting.

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