International Therapeutics, Inc. Concludes Series B Private Financing
Seattle, WA- October 4, 2001: International Therapeutics, Inc. (ITI) announces that it has raised over $2,000,000 in series B financing from private investors. In this first (non-seed) round ITI sold shares at $2.50 per share. The financing round was closed on the date of the annual shareholders meeting, August 22, 2001. The proceeds from the stock offering are expected to allow the Company to advance its lead compound against HIV-1 into Phase 1 human trials.
Dr. H. Perry Fell was elected by the shareholders to the Board of Directors of ITI. Dr. Fell is a Founder and Chief Executive Officer of Seattle Genetics, a publicly traded company located in Bothell, WA. He joins ongoing directors, Dr. Glenn Kawasaki (chair), Dr. Omar Haffar, and Mr. Dennis Willson.
International Therapeutics, Inc. is also pleased to announce the addition of Dr. Michael Kahn to the Science Advisory Board. Dr. Kahn is a Principal Investigator at the Pacific Northwest Research Institute in Seattle. Dr. Kahns expertise in synthetic and medicinal chemistries will be of great benefit for us in the development of our proprietary anti-viral compounds, said Dr. Omar K. Haffar, Vice President of Research and Development at ITI.
International Therapeutics, Inc. is a Washington based for-profit drug discovery and development organization founded in 1999 to profile novel anti-viral therapeutic targets. More information about ITI can be found on the Company web site at www.internationaltherapeutics.com.