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San Diego, CA - March 11, 2005
Novalar Pharmaceuticals Raises $27 Million in Series C Financing
Novalar Pharmaceuticals Inc., a specialty pharmaceutical company announced today the closing of a Series C round of financing totaling $27 million. Investors include Boston Millennia, Domain Associates, Genevest, Montreux Equity Partners, and SR One. With the closing of the financing, SR One Principal, Mark Strobeck, PhD will join the Board of Directors.
"The continued support and commitment from our current investors as well as the significant level of support received from our new investors is gratify," said Donna Janson, President and Chief Executive Officer of Novalar Pharmaceuticals. "We look forward to working with our new investors and welcome Mark Strobeck, PhD to the Board of Directors. We greatly appreciate the additional experience and strategic value of our new investors, which will assist our company going forward."
The funds raised in this financing will be used to support pivotal clinical trials and the commercial launch of NV-101. With the closing of this financing, Novalar has now raised approximately $35 million in equity funding since the company's inception in 2000.
About Novalr Pharmaceuticals
San Diego-based Novalar Pharmaceuticals, inc. is a privately held specialty pharmaceutical company. The company's initial product offering, NV-101, has been developed to rapidly reverse the lingering and debilitating lip and tongue numbness associated with the local dental anesthesia. For more information, visit us at www.novalarpharm.com
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