APT Pharmaceuticals Adds Vivo Ventures in Final Close of $9 Million First Round
TUCSON, AZ (BUSINESS WIRE) – MARCH 21, 2006
Vivo Ventures participated in the final close of a $9 million Series A financing co-led by Charter Life Sciences and Research Corporation Technologies. APT Pharmaceuticals is a clinical-stage biopharmaceutical company developing products to treat asthma, chronic pulmonary obstructive disease, rhinitis and rhinovirus infection.
The company is developing steroid-alternative therapies based on targeted administration of hydroxychloroquine (HCQ), a disease modifying antirheumatic drug (DMARD). APT believes its proprietary aerosolized dosage forms of HCQ and new routes of administration could achieve a faster onset of action and greater therapeutic effect than conventional oral therapy, and at substantially lower systemic doses.
"We are pleased to have Vivo Ventures as a strategic investor in APT. The additional capital will enable us to accelerate our pulmonary and nasal clinical development programs," said APT President Gino Di Sciullo, Ph.D.
"We are excited about the company's opportunities and believe targeted administration of HCQ holds great potential for asthma and other diseases," said Albert Cha, M.D., Ph.D., managing partner of Vivo Ventures.
Vivo Ventures (www.vivoventures.com) is a life sciences-focused venture capital firm formed in 1996 with $400 million under management. Vivo is based in Palo Alto, Calif., and is currently making investments from its $179 million fifth fund, Vivo Ventures Fund V, into promising biotechnology and life science companies.
Charter Life Sciences (www.charterls.com) specializes in early stage venture capital life sciences investments. Charter Life Sciences, L.P., a Delaware limited partnership, is the first dedicated life sciences fund in the Charter Ventures family of venture capital funds. Charter Life Sciences operates offices in Palo Alto, Calif., and Cincinnati.
Research Corporation Technologies (RCT) is a technology investment and management company (www.rctech.com) that provides early-stage funding and development for promising biomedical companies and technologies. RCT founded APT (http://www.rctech.com/bioventures/apt.php) to advance development of the AHCQ technology. As the primary investor, RCT funded early formulation work, efficacy studies, preclinical safety studies and continues its support of clinical trials. RCT has offices in Tucson, Ariz., Los Angeles and the Boston area, and development partners in the United Kingdom and Australia.