Terrapin Technologies Inc. raised $11.7 million privatelyin a financing that is expected to allow the company togets its first products into the clinic and to identify a leadin a second program.
Privately held Terrapin, of South San Francisco, now hasraised $33 million since its founding in 1986. Hambrecht& Quist Capital Management, of New York, was the leadinvestor.
"We're absolutely delighted with the reception in what isstill a relatively difficult market," said Clifford Orent, thecompany's president and CEO, who recently was electedchairman. "This certainly will get us into 1997."
Orent said Terrapin will file an investigational new drugapplication in 1996 for TER199, which stimulatesgranulocyte macrophage progenitors. "Our goal is toprovide a single, oral therapy that can protect and restorebone marrow in patients undergoing chemotherapy," hesaid.
TER3938, for diabetes, has been shown to lower bloodglucose and circulating insulin levels in models of Type IIdiabetes. The company plans in 1996 to identify acompound based on 3938 to take into human studies.
Orent said Terrapin is in discussions with potentialpartners for the two lead compounds, and separately forits TRAP technology, which identifies lead molecules bytesting their binding affinity with a range of otherproteins. It also can be used to predict the bindingproperties of drug candidates. _ Jim Shrine
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