Calistoga Pharmaceuticals Raises $30 Million in Series B Financing

SEATTLE Calistoga Pharmaceuticals, Inc., the leader in the development of isoform-selective phosphatidylinositol 3 kinase (PI3K) inhibitors for the treatment of cancer and inflammatory diseases, today announced it has closed a $30 million Series B financing. Investors participating in the financing include Alta Partners, Amgen Ventures, Frazier Healthcare, and Three Arch Partners.

The funds will be used to support the advancement of Calistoga Pharmaceuticals’ drug development pipeline of isoform-selective PI3K inhibitors. These include CAL-101, a delta isoform-selective PI3K inhibitor for hematologic malignancies; CAL-263, a delta isoform-selective PI3K inhibitor for treatment of inflammatory diseases; and CAL-120, a PI3K inhibitor inhibiting the delta and beta isoforms of PI3K for treatment of solid tumor malignancies. In 2010, the Company plans to advance CAL-101 and CAL-263 into Phase 2 clinical studies and CAL-120 into Phase 1 evaluation.

“The experienced leadership team of Calistoga has consistently met its milestones and built a promising drug development pipeline since its founding,” said James Topper, M.D., Ph.D., Chairman of the Board of Directors and General Partner with Frazier Healthcare. “The Company has developed a portfolio of development candidates further validating the Company’s promise and potential.”

Calistoga Pharmaceuticals was founded by Frazier Healthcare Ventures in 2006. The Company has raised more than $56 million to date from high-quality venture investors in the life sciences, including Alta Partners, Amgen Ventures, Frazier Healthcare, and Three Arch Partners.

“We are pleased to have the continued support of our investors to ensure the advancement of our promising pipeline and maintain our leadership position in the development of isoform-selective PI3K inhibitors,” said Carol Gallagher, Chief Executive Officer. “We believe our compounds will provide significant benefit to patients with cancer and inflammatory diseases. We look forward to establishing clinical proof of concept for CAL-101 and CAL-263 and advancing CAL-120 into clinical evaluation.”

About Calistoga Pharmaceuticals

Calistoga Pharmaceuticals is dedicated to developing innovative medicines targeting selective isoforms of the PI3 kinase pathway to improve the health of patients with cancer and inflammatory diseases. Calistoga Pharmaceuticals has a portfolio of proprietary compounds selectively targeting isoforms of the PI3K pathway. The Company’s most advanced compound, CAL-101, a p110δ selective PI3K inhibitor, is under clinical evaluation in hematologic malignancies. Calistoga is a private company headquartered in Seattle, Washington. For more information, visit the Company’s website at: www.calistogapharma.com.

Source: Calistoga Pharmaceuticals, Inc.