Icos spinoff Calistoga raises $21M
Puget Sound Business Journal (Seattle)
A new biotechnology company that spun off from Icos Corp. has raised $21 million in venture capital.
The new company, Calistoga Pharmaceuticals, is developing a drug candidate acquired from Icos that has potential to treat various forms of cancer, according to the company.
Icos, maker of the impotence drug Cialis, was acquired by its longtime marketing partner, pharmaceutical giant Eli Lilly & Co. (NYSE: LLY), in January in a $2.3 billion deal.
Frazier Healthcare Ventures of Seattle led the financing in Calistoga. Other investors in the new company are Alta Partners, of San Francisco; Three Arch Partners, of Portola Valley, Calif.; and Amgen Ventures, of San Diego.
Michael Gallatin, a former scientific director of Icos who joined Frazier Healthcare last year, is one of the founding members of Calistoga and will serve as the company's president.
Neill Giese, a veteran of Structural Genomics, will be chief scientific officer, and Roger Ulrich, formerly of Merck-Rosetta and Abbott Labs, will be chief development officer.
The company's board of directors includes Alan Frazier of Frazier Healthcare, Ed Hurwitz of Alta Partners, and Rich Lin of Three Arch Partners.
Calistoga recently moved out of the offices of Frazier Healthcare into a new office-lab facility in downtown Seattle, the company said.
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