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June 17, 2010
WASHINGTON, DC, June 17, 2010 — Arginetix, Inc. and Immune Control Inc. today announced their merger to form Corridor Pharmaceuticals, Inc., which will develop novel treatments for vascular diseases with an initial focus on pulmonary arterial hypertension (PAH). Corridor, which will be based in Baltimore, Maryland, will develop treatments based on the first-in-class arginase inhibition platform developed by Arginetix, and Immune Control’s serotonin antagonist technology. Covington & Burling LLP represented Arginetix on the merger transaction.
In conjunction with the merger, Covington also advised Corridor Pharmaceuticals on a $15 million Series A financing with all major investors of both predecessor companies. Proceeds from the financing will be used to advance C-122, Corridor’s lead candidate for PAH, into clinical development, and develop new drug candidates derived from both the Company’s arginase and serotonin platforms.
The Washington-based Covington corporate team was led by partner Doug Gibson, with associates Heather Davis and Amalia Fenton*. Also advising on tax and employee benefits aspects of the transaction were partners Robert Heller (based on New York) and Michael Francese (based in Washington).
*Admitted to the Maryland bar; not admitted to practice in Washington.