BURLINGAME,
CA –SEPTEMBER 30,
2008
APT Pharmaceuticals
Secures
$32 Million in
Series B Financing
Proceeds to Fund Completion of
Phase III Trial of
Inhaled Cyclosporine following Lung Transplantation
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.
Media Contacts
Lisa Kelaita
New Venture Communications
lkelaita@newventurecom.com
(650) 343-2735
Ted Rossman
New Venture Communications
trossman@newventurecom.com
(914) 432-7083
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