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新闻
APT Pharmaceuticals Secures $32 Million
in Series B Financing
Proceeds to Fund Completion of Phase III Trial of Inhaled Cyclosporine
following Lung Transplantation
Burlingame, CA - September 30, 2008
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, a nationally
recognized transplant center, and published in the New England Journal
of Medicine in 2006. Patients that received inhaled cyclosporine in
addition to their standard immunosuppressive 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, president
and CEO 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 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. APT is backed by several leading health care
investors including Vivo Ventures, Versant Ventures, Great Point
Partners and Charter Life Sciences. For more information, please visit
www.aptbio.com.
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