In addition, NewBridge announced the close of $12 million in Series B financing, bringing the total amount raised to-date to $16 million.  The Series B round was led by Kuwait Life Sciences Company (KLSC), a subsidiary of National Technology Enterprises Company of Kuwait with participation by the previous investor Burrill Life Sciences Capital Fund III, L.P.  In conjunction with the financing, Mr. Qais Marafie, Chairman of KLSC was appointed to the company's Board of Directors. In addition, Victor A. Hebert, Managing Director, Burrill & Company has succeeded G. Steven Burrill, CEO, Burrill & Company as Chairman of the Board.  Mr. Burrill will continue to serve on the Board of Directors.  

"Joe Henein brings to NewBridge exceptional leadership and track record of commercial success in the pharmaceutical and medical products industries. Joe has the skills needed to build and grow a successful company," said Mr. Hebert.

"The Board also wants to thank Dr. Vygantas for his leadership and contributions since the company was founded and is pleased that Garrett will remain active with the company as Vice President of Strategy and Business Development," added Mr. Hebert.

"KLSC is pleased to join Burrill & Company as an investor in NewBridge and we are very pleased to have Joe Henein as the CEO.  KLSC is dedicated to building one of the region's most promising pharmaceutical companies," Mr. Marafie said.

SOURCE NewBridge Pharmaceuticals Ltd.