Pappas Ventures-Backed Lumena Pharma Bumps up Debt Offering to $2M - cbl

By Julie Armstrong

DURHAM -- Lumena Pharmaceuticals Inc. has secured $500,000 of its bumped-up debt offering to $2 million.

The Durham-based company, founded earlier this year, disclosed the higher amount in an SEC amended filing, after reporting in February the sale of debt worth $250,000 to two investors.

Principals named in the current filing are executive director Michael Grey, executive officer Ford Worthy and director Rosina Maar Pavia, all of Pappas Ventures, plus Frankfort, Mich.-based Ted Greene, chairman of Satiogen Pharmaceuticals Inc. and a scientist who holds several patents.

Founded in 1994, Pappas Ventures has more than $350 million in capital under management. The Durham-based firm has invested in more than 50 life sciences companies, including Cerexa (acquired by Forest Laboratories), Peninsula Pharmaceuticals (acquired by Johnson & Johnson), Syntonix (acquired by Biogen IDEC), NuVasive and Arena Pharmaceuticals.

Grey is a pharmaceutical industry veteran who previously led SGX Pharmaceuticals Inc. and Auspex Pharmaceuticals. He is a member of Pappas Ventures' scientific advisory board and a venture partner.

Reg D filing:

Also at citybizlist, see:

Pappas Ventures-Backed TyRx Pharma Nears $55M - cbl (12/7/2010)

Pappas Ventures Portfolio Co. Genstruct Gets Half of $1M Offering - cbl (5/19/2010)

Michael Grey Joins Pappas Ventures (1/11/2010)

Pappas Ventures Promotes Pair (1/6/2010)

Bios from Pappas Ventures' website:

Michael Grey
Venture Partner and SAB Member

Mike has over 30 years of experience in the biopharmaceutical industry and prior to joining Pappas Ventures in early 2010 was President and CEO of Auspex Pharmaceuticals from January 2009. Mike was previously CEO of SGX Pharmaceuticals (formerly Structural GenomiX) and eventually sold the company to Eli Lilly. Prior to joining SGX in 2001, Mike served as President and CEO of Trega Biosciences until its acquisition by Lion Bioscience. He also served as President of BioChem Therapeutics, the pharmaceutical arm of BioChem Pharma, from 1994 to 1998. From 1974 to 1993, Mike served in various roles with Glaxo Holdings plc and Glaxo Inc., including positions as Vice President, Corporate Development, and Director, International Licensing. Mike is a board member at Achillion Pharmaceuticals, where he serves in an independent capacity and not as a result of his role with Pappas Ventures. He also serves on the board of publicly-traded BioMarin Pharmaceutical.

University of Nottingham, United Kingdom (B.Sc. in Chemistry)

Rosina Maar Pavia

Rosina is an internist with strong strategic, business development and operating experience within the biopharmaceutical, outsourcing, and venture capital industries. She joined Pappas Ventures in 2000 after serving in senior management positions at contract research organizations for seven years, including as Vice President, Clinical Operations and Senior Vice President, Strategic Planning for Quintiles Transnational Corporation. She managed the global clinical development program of Actonel, and oversaw the clinical components of projects leading to the approval of more than a dozen product approvals. Rosina was the founder and Managing Director of StratWorks, LLC, a strategic consulting company focused on assisting biopharmaceutical companies with strategy, M&A, product acquisition and product development. Rosina is the Medical Director at Pappas Ventures and currently serves as a board member of Bayhill Therapeutics, Syndax Pharmaceuticals and Lumena Pharmaceuticals. She is a board observer at Afferent Pharmaceuticals and CoLucid Pharmaceuticals. Rosina is also on the board of NCBIO and is an overseer for the Duke University/Wallace Coulter Translational Partners Program.

School of Industrial Engineering, Georgia Institute of Technology (BS in Health Systems)
Morehouse School of Medicine (MD)
Emory University (post-doc training in Internal Medicine)
Kenan-Flagler Business School, University of North Carolina at Chapel Hill (Executive MBA)

Bio from Satiogen Pharmaceuticals' site:

Howard (Ted) Greene

Howard (Ted) Greene has provided strategic advice and funding for Satiogen, is named on several patent applications, and serves as Chairman. Prior to his retirement in 1998, Ted was Chairman of Amylin Pharmaceuticals, Inc., a company he co-founded in 1987 to pioneer research of the hormone amylin, which was discovered in the same year. He holds several patents directed to using the hormone amylin in diabetes therapy. Before starting Amylin, Ted co-founded Biovest Partners, a venture capital firm that in two years provided seed capital and management leadership for six medical technology start-up companies, including Amylin, all of which went public. Prior to Biovest, Ted was CEO of Hybritech Incorporated, essentially from inception until its acquisition by Eli Lilly and Company in 1986. At Hybritech he was co-inventor of its principal product line, a monoclonal antibody assay system that has led to a new generation of immunodiagnostics, including the PSA screening test for prostate cancer. Before Hybritech, Ted was an executive with Baxter Healthcare Corporation, and prior to that he was a consultant with McKinsey & Company. He is presently a director of several early stage startups in the biotech and internet fields. Ted holds a BA in physics from Amherst College and an MBA from Harvard University.

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