(1st Mar 2007) Mr. David Dally joins MerLion Pharmaceuticals' Senior Management Team as CFO. MerLion announces the successful closure of its US$30M Series B round of financing.
MerLion Pharmaceuticals (MerLion), the private drug discovery and development company headquartered in Singapore, announce that Mr. David Dally has joined the company as Chief Financial Officer (CFO).
David Dally qualified as a chartered accountant with Ernst and Young in London and brings to the company a significant experience of senior financial roles in the life sciences sector at Amersham plc, including Vice President of Finance, North America, for Amersham Bioscience. In 2002, David was appointed CFO of KuDos Pharmaceuticals Ltd of the UK, which was sold to Astra Zeneca in 2006 for US$ 210 million. David joins MerLion from the UK based medical devices company Rhytec Ltd.
MerLion also announces the successful final closure of its US$30 million Series B round of private financing. Following the acquisitions of Combinature Biopharm AG and Athelas SA in August 2006, the company announced that it had received US$25 million in private venture financing. The remainder of the proposed US$30 million round was closed in the final quarter of 2006. Participants in this round of funding included SBI Bio Life Science Investment, Commerce Technology Ventures, Zurcher Kantonalbank and Lacuna SICAV Lacuna Apo Biotech Fund.
Dr Tony Buss, CEO of MerLion said “We are delighted to have David join our senior management team. His financial expertise and knowledge of the sector will be vital as the company continues to generate value for investors through our focused anti-infectives R&D activities” Commenting on the closure of the financing round Dr Buss continued,“The strong interest of additional Japanese, SE Asian and European investors in MerLion underpins our standing as a company with first class management, scientists and drug discovery capabilities.”
About MerLion Pharmaceuticals Pte Ltd
MerLion Pharmaceuticals is a privately held international drug discovery and development company headquartered in Singapore. MerLion's activities are focused on the clinical development of its portfolio of novel antibiotics and the discovery of new drug candidates from the world’s most diverse natural products sample collection.
The company also undertakes R&D activities alongside an outstanding portfolio of strategic partnerships containing many of the world's largest pharmaceutical and biotechnology companies.
MerLion has two novel drug candidates approaching clinical development and a balanced preclinical portfolio derived from its unique patent position in the area of bacterial virulence, its innovative screening approaches and access to the proprietary discovery technologies of its partners.
The company’s current collaboration partners include Abbott Laboratories, Arpida SA, Astellas Pharma Inc., Boehringer Ingelheim, Cancer Research Technologies Ltd., Dow AgroSciences, Merck Banyu, Merck & Co, Novartis Institute for Tropical Diseases, Sankyo Co Ltd. and Schering-Plough Research Institute.
About Mr. David Dally
Mr. David Dally qualified as a chartered accountant with Ernst and Young in London, UK. He joined Amersham plc in 1991 and held a number finance roles including Manager of Strategic Planning, which included undertaking M&A activity in Japan for Amersham's diagnostic business. This was followed by the role of VP Finance North America for Amersham Bioscience, managing the merger of Amersham Life Science with Pharmacia. Since 2002 David has held CFO positions at Kudos Pharmaceuticals Ltd, an early-stage drug discovery and development in Cambridge, UK, which was sold to Astra Zeneca for $210m, and Rhytec Ltd, an early-stage medical devices company.