N30 Pharmaceuticals Secures $30M
BOULDER, CO, Clinical-stage, biopharmaceutical company focused on the development of therapies for cystic fibrosis (CF), has raised $30 million in a mezzanine round of financing.
N30 Pharmaceuticals, Inc. ('N30 Pharma'), a clinical-stage, biopharmaceutical company focused on the development of therapies for cystic fibrosis (CF), has raised $30 million in a mezzanine round of financing. New investors include Wellington Management, RA Capital Management, LLC, Jennison Associates LLC (on behalf of certain clients), Rock Springs Capital Management LP, and Sabby Management, LLC, who joined existing investor, Deerfield Management Company, LP. Cowen & Company acted as sole placement agent for the financing.
Proceeds from the financing will primarily be used to advance the Company's clinical trial program for N91115, a novel inhibitor of S-nitrosoglutathione reductase (GSNOR). N30 Pharma recently completed a Phase 1 dose-escalation trial of orally administered N91115 in healthy volunteers. N91115 was well tolerated over the 14 days of dosing, and trials in CF patients with the F508del-CFTR mutation are now underway. In preclinical studies, N91115 has been shown to increase the function of F508del-CFTR, the mutant protein that is estimated to be present in almost 90 percent of CF patients.
'We are proud to be backed by this impressive group of new and existing investors, and to advance the clinical trial program for N30 Pharma's lead compound, N91115, in the treatment of cystic fibrosis,' said Howard Furst, M.D., chairman of the board of directors of N30 Pharma and partner at Deerfield. 'N91115 is the first oral GSNOR inhibitor to enter clinical development, representing an important step towards identifying treatments to address a disease with significant unmet need.'
'We sincerely appreciate the support of all our investors and their confidence in our ability to develop this first-in-class therapy for CF,' said Janice Troha, executive vice president of product development and regulatory affairs at N30 Pharma.
About Cystic Fibrosis
CF is a life-threatening, genetic disease that primarily affects the lungs and digestive system. According to the Cystic Fibrosis Foundation (www.cff.org), an estimated 30,000 children and adults in the United States and 70,000 people worldwide have CF.
CF is characterized by a defect in the chloride channel of human cells known as the 'cystic fibrosis transmembrane conductance regulator,' or CFTR, which is caused by a mutation of the CFTR gene. CFTR is critical for the adequate hydration of the lungs and other organs of the body.
Researchers have identified more than 1,800 mutations in the CF gene, and it is estimated that approximately 48 percent of CF patients in the United States have two copies of the F508del-CFTR mutation, and an additional 39 percent have one copy of this mutation.
As a consequence of the mutation in the F508del-CFTR gene, patients produce a defective form of CFTR protein that fails to adequately transport fluid. With N91115, N30 Pharma aims to increase CFTR function, and restore proper hydration to critical organs, particularly the lungs.
About N30 Pharmaceuticals, Inc.
N30 Pharma (www.n30pharma.com) is a privately held, clinical-stage, biopharmaceutical company headquartered in Boulder, Colorado. It is the first company to discover and develop small molecules targeting GSNOR. N30 Pharma is dedicated to making a difference in the lives of patients with cystic fibrosis and their families.
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