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Light Sciences Oncology Completes Second Closing in $67 Million Financing for Late Stage Development of Litx(TM) and Announces Additional Directors; Investors' Additional $32 Million Completes Offering of Series A Preferred

Posted on: Wednesday, 14 December 2005, 09:00 CST

Light Sciences Oncology, Inc., a privately held company focused on the development of Light Infusion Technology(TM) (Litx(TM)) for the treatment of solid tumors, announced today that it has completed an offering of an additional $32 million of its Series A Preferred Stock. The completion follows by two months the initial closing of $35 million of Series A Preferred and brings the total amount of Series A Preferred to $67 million. The funds will be used to undertake a Phase III clinical trial for the treatment of hepatocellular carcinoma (HCC) pursuant to the terms of a Special Protocol Assessment (SPA) from the U.S. Food and Drug Administration (FDA), as well as the initiation of clinical trials in other indications.

"We were encouraged by our initial investors in the Series A to keep the round open for a number of investors who had previously expressed an interest but who had not been able to close with the initial group," said Llew Keltner, M.D., Ph.D., the President and CEO of Light Sciences Oncology. "We can now consider additional trials to apply Litx(TM) to other solid tumor indications in addition to hepatocellular carcinoma."

The Company has begun treating patients in a multinational clinical trial for hepatocellular carcinoma, which kills more people yearly than any other cancer.

The Series A Preferred Stock financing is the first round of institutional financing for Light Sciences Oncology, which in connection with this financing has been spun out of Light Sciences Corporation, a privately held company in Seattle that developed Litx(TM) initially for several disease areas, including ophthalmology and cardiovascular disease.

The initial Series A investor group was led by Essex Woodlands Health Ventures which also participated in the second closing. Participants in the second closing included Scandinavian Life Science Venture (SLS), Novo A/S and New Science Ventures. They join existing Series A investors, including Adams Street Partners, Johnson and Johnson Development Corporation, China Development Industrial Bank, and Larkspur Capital Corporation, which acted as a private placement advisor to Light Sciences Oncology.

The Company also announced that Martin Olin Andersen of Scandinavian Life Science Venture and Ulrik Spork of Novo A/S have joined the board of Light Sciences Oncology.

Martin Olin Andersen, MSc, E*MBA (SIMI), is a Senior Partner and Senior Investment Director in SLS Venture a Scandinavian-based venture capital company. The fund is one of the largest investment funds in Scandinavia in the life science sector with approximately 270 million euros under management.

Prior to joining SLS Venture in 2000 Mr. Andersen worked with PriceWaterhouse, within auditing and management consulting with the focus on medium to large companies. In 1996, he joined Novo Nordisk A/S, Corporate Finance (Denmark). From 1998 to 2000, Mr. Andersen was Novo Nordisk's Finance Director for Europe, the Middle East & Africa, based in Paris (France), and was responsible for finances, legal and IT in the region. He then joined Medicon Valley Capital in April 2000 as Investment Manager and CFO. Mr. Andersen has broad-based international experience and a network made up of strong financial and legal skills and expertise.

Ulrik Spork is a Senior Partner in Novo Ventures; he led the establishment of the new venture investment activities in Novo A/S at its start in 1999. Prior to the formation of Novo A/S, Ulrik spent nine years in Novo Nordisk A/S from 1994 as Director of Corporate Development. In this capacity he was involved in the corporation's strategy building and restructuring process and managed a number of acquisitions and divestments. Furthermore he was in charge of Novo Nordisk's equity investments in biotech companies and spinouts, including the $150 million private placement in ZymoGenetics, Inc. Prior to joining the Novo group in 1991, he spent seven years involved in product development, marketing and international sales in the medical electronics field.

He presently serves on the board of directors of Corus Pharma, Inc. (Seattle, USA) and BioImage A/S (Soeborg, Denmark). In addition, he is chairman of the Danish Venture Capital and Private Equity Association (DVCA).

Mr. Spork attended the Technical University of Copenhagen and received his MSc in Engineering and a BSc in International Economics.

The appointment of Mr. Andersen and Mr. Spork increases the members of Light Sciences Oncology's Board of Directors to seven.

About Light Sciences Oncology:

Light Sciences Oncology, Inc. (LSO) is a privately owned company incorporated in late 2004 to develop and commercialize the technology of Light Sciences Corporation in the field of oncology. LSO is targeting the treatment of primary liver cancer, liver metastases from colorectal cancer and other solid tumors. LSO has finished a global multi-center Phase II clinical trial treating patients with liver metastases due to colorectal cancer. LSO has begun enrollment for a clinical trial of Litx(TM) in patients with hepatocellular carcinoma, which is among the most malignant of cancers and afflicts more than 1,000,000 people per year worldwide. The Company intends to begin late stage trials in other therapeutic areas, including metastatic colorectal cancer and glioma.

About Light Sciences Corporation:

Light Sciences Corporation, founded in 1995, is a privately financed company which developed Litx(TM), a proprietary combination product containing a light activated drug (LS11), activated by a non-coherent light infusion device. In 2005, Light Sciences Corporation created three subsidiary companies to develop Litx(TM) in separate fields -- LSO in cancer, Visient Therapeutics, Inc. in eye disease, and Vascular Reconditioning, Inc. in cardiovascular disease.

Light Sciences(R), Litx(TM) and Light Infusion Technology(TM) are registered or proprietary marks of Light Sciences Corporation.

Source: Business Wire

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