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June
15, 1999
Company
Press Release
Galileo Laboratories
Raises $11 Million in a Private Placement
Bay City Capital
Leads Financing
Santa
Clara, CA, June 15, 1999 – Galileo Laboratories, Inc., a privately
held life science company focused on the discovery and development
of proprietary evidenced-based nutritionals and pharmaceuticals
designed to moderate the adverse effects of energetic disruptions
in biological systems, today announced it raised $11 million in
a private placement of preferred stock. The financing was led by
Bay City Capital through its North American Nutrition and Agribusiness
Fund. As part of this transaction, Mr. Roger Salquist, a Managing
Director of Bay City Capital, will join Galileo’s Board of
Directors. Bay City Capital joined existing investors, Alloy Ventures
and Brinson Partners as well as a new investor – CMEA Ventures.
“We
are pleased to have Bay City Capital and CMEA as new investors.
The wealth of expertise that the Bay City Capital team brings to
bear in the life science sector is formidable from both the technical
and business development perspectives. The addition of Roger Salquist
to the Board of Directors will allow Galileo to draw on his considerable
knowledge and experience within the nutrition sector as we expand
Galileo’s Cell Energy Discovery Platform(TM) into the nutritional
and AgBio markets,” said Dr. Miller, Chairman & CEO of
Galileo Laboratories.
Mr.
Salquist, a founder of Bay City Capital, is the Chief Investment
Officer of the company’s North American Nutrition and Agribusiness
Fund (NANAF). From 1984 through 1996, he served as the Chairman
and Chief Executive Officer of Calgene, Inc., an agribusiness biotechnology
company located in Davis, California that was subsequently acquired
by Monsanto Corporation. Mr. Salquist is Chairman of the Board of
Directors of Endosonics Corporation and a Board member of Akkadix
Corporation and Myelotec, Inc. “As Bay City Capital worked
with Galileo’s management to put this transaction together,
we became convinced that Galileo is uniquely positioned as a discovery
engine of novel and scientifically validated ingredients and nutritional
supplements. We look forward to contributing as an investor and
as an active member of the Board of Directors to ensure Galileo’s
success,” said Mr. Salquist.
About Galileo
Laboratories
Galileo
Laboratories, Inc. is focused on the discovery of compounds that
moderate the effects of oxidative stress and energetic perturbations
on living biological systems. The company will develop these compounds
alone, or in combination, as food ingredients, nutritional supplements,
medical foods and pharmaceuticals. While severe oxidative stress
plays a role in ischemic conditions such as heart attack and stroke,
milder conditions of oxidative stress have been linked to the development
and pathogenesis of cardiovascular disease [CVD] and aging. As its
first product development focus, Galileo plans to target the prevention
and treatment of CVD by developing ingredients and nutritional supplements
formulated to reduce the oxidative stress component of CVD. Going
forward, the company will develop other nutritional products outside
of the cardiovascular setting. These will be targeted at systemic
inflammatory response syndrome [SIRS], aging, and the performance-sport
market. Galileo has developed its Cell Energy Discovery Platform(TM)
technology consisting of unique and proprietary cell-based assays
and algorithms for the identification and optimization of cytoprotective
nutritionals and pharmaceuticals.
About Bay City
Capital
Bay
City Capital LLC is a private merchant bank based in San Francisco.
BCC focuses exclusively on the life sciences industry, providing
investment capital to pre-public and public companies, actively
participating on corporate boards, and providing partnering, strategic
analysis and management advisory services. NANAF is one of the interconnected
regional funds operating under the umbrella of the $500M Gilde Global
Food and Agribusiness Fund established by Gilde Investment Management
B.V. of Utrecht, The Netherlands. Bay City Capital LLC is the exclusive
investment advisor to NANAF.
Contact
Peter
Leighton, Vice President Marketing
Galileo Laboratories, Inc.
408.654.5830 x 107 Where to buy cialis with prescription
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