APT Pharmaceuticals Secures $32 Million in Series B Financing.Proceeds to Fund Completion of Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA Trial of Inhaled Cyclosporine cyclosporine /cy·clo·spor·ine/ (-spor´en) a cyclic peptide from an extract of soil fungi that selectively inhibits T cell function; used as an immunosuppressant to prevent rejection in organ transplant recipients and to treat severe Following Lung Transplantation Lung Transplantation Definition Lung transplantation involves removal of one or both diseased lungs from a patient and the replacement of the lungs with healthy organs from a donor. BURLINGAME, Calif. -- APT Pharmaceuticals, a specialty drug development company focused on inhaled treatments for serious lung diseases, announced today the completion of a $32.3 million Series B financing. The financing was led by Three Arch Partners and joined by additional new investors InterWest Partners and Pinnacle Ventures. Existing investors Charter Life Sciences, Great Point Partners, Versant Ventures and Vivo Ventures also participated in the round. Proceeds from the financing will be used to complete APT's pivotal Phase III program evaluating the safety and efficacy of cyclosporine inhalation solution following lung transplantation. The Series B financing will also fund further development of the company's pipeline programs in serious lung diseases. "We are impressed by APT's approach to lowering risk by studying proprietary formulations of well understood drugs and focusing on serious lung diseases," said Bill Harrington, M.D., a partner with Three Arch Partners. "With strong Phase II data and a robust Phase III study ongoing, the inhaled cyclosporine program has the potential to change the practice of lung transplantation in the near future." The APT Phase III study of inhaled cyclosporine follows a Phase II study conducted at the University of Pittsburgh Medical Center The University of Pittsburgh Medical Center (UPMC) is a leading American healthcare provider and institution for medical research. It consistently ranks in US News and World Report's "Honor Roll" of the approximately 15 best hospitals in America. , a nationally recognized transplant center, and published in the New England Journal of Medicine The New England Journal of Medicine (New Engl J Med or NEJM) is an English-language peer-reviewed medical journal published by the Massachusetts Medical Society. It is one of the most popular and widely-read peer-reviewed general medical journals in the world. in 2006. Patients that received inhaled cyclosporine in addition to their standard immunosuppressive Immunosuppressive Any agent that suppresses the immune response of an individual. Mentioned in: Antirheumatic Drugs, Graft-vs.-Host Disease, Immunosuppressant Drugs immunosuppressive 1. pertaining to or inducing immunosuppression. 2. treatment showed a 78% reduction in mortality compared to those in the control group. "With this latest financing, we have the team, the strategy and the financial backing necessary to bring inhaled cyclosporine to market and to become a profitable company," explained Dr. Stephen Dilly dil·ly n. pl. dil·lies Slang One that is remarkable or extraordinary, as in size or quality: had a dilly of a fight. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of APT Pharmaceuticals. "The support of a group of premier life sciences investors clearly validates our business model and our recent achievements which is especially gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. during this uncertain time in the financial markets." As part of this Series B financing, APT also announced that Bill Harrington, M.D. has joined the APT Board of Directors and Nina Kjellson, a general partner with InterWest Partners, and David Kim, a partner with Pinnacle Ventures, have joined as Board observers. "APT has made great progress executing on its business plan, and we jumped at the opportunity to participate in this next funding round," said Camille Samuels, APT board member and managing director with Versant Ventures. "The team is fortunate to be adding the expertise and resources of our colleagues at Three Arch, InterWest and Pinnacle." About APT Pharmaceuticals, Inc. APT Pharmaceuticals, a specialty drug development company primarily focused on inhaled treatments for serious lung diseases, is based in Burlingame, California. Leading life sciences investors including Charter Life Sciences, Great Point Partners, InterWest Partners, Three Arch Partners, Versant Ventures and Vivo Ventures back APT. For more information, please visit www.aptbio.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion