Morrison & Foerster San Diego Advises in Over $110M of Preferred Stock Financing in Last Three Months

3/18/2005

Press Release

San Diego, March 2005 -- In the last three months, Morrison & Foerster has worked with companies and investors in Southern California in raising over $110M in venture capital financing.

In December 2004, the San Diego office represented Kanisa Pharmaceuticals, Inc., a specialty pharmaceutical company located in San Diego, in a $22 million Series A Preferred Stock financing with investors New Enterprise Associates, InterWest Partners and Montreux Equity Partners.

In January 2005, the San Diego office represented Forward Ventures, Boston Millennia Partners and CMEA Ventures in a $43 million Series C Preferred Stock financing by Predix Pharmaceuticals Holdings, Inc., a drug development company headquartered in Boston.

In February 2005, the San Diego office advised SolarFlare Communications, Inc., a fabless semiconductor company located in Irvine, in connection with a $48 million Series A-1 Preferred Stock financing with investors Oak Investment Partners, Anthem Ventures, Foundation Capital Partners and Miramar Venture Partners.

"It’s exciting for us to contribute to the growth of these companies," said Jay de Groot, Chair of the San Diego Corporate Practice Group and Co-Chair of the firmwide Emerging Company and Venture Capital Practice for Morrison & Foerster. "San Diego has become an important life sciences and technology cluster and we are pleased to contribute to San Diego’s rich legacy of innovation and entrepreneurship," he added.

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