Prospect Venture Partners, Lighthouse Capital Partners, and Covington Venture Fund will provide a total of $4.5 million in Series A financing to Azelon Pharmaceuticals, formerly Zelos Therapeutics, for continued clinical development of Azelon’s ZT-034 teriparatide nasal spray for the treatment of osteoporosis. Teriparatide is a parathyroid hormone analog and is currently available as an injectable called Forteo from Eli Lilly. Azelon is planning to use the additional investment to conduct a Phase 2a pharmacodynamic study of ZT-034.
The company also named Joan Lau as its new president and CEO, succeeding Brian MacDonald, and Don Hayden as Executive Chairman. Lau was previously CEO of Locus Pharmaceuticals; Hayden is a former Executive VP and President, Americas of Bristol-Myers Squibb and is currently Chairman of Insmed and Lead Director at Amicus Therapeutics.
Azelon board member and managing partner at Prospect Venture Partners Alex Barkas said, “With the new financing, additions of Joan and Don to the management team, and a clear focus, I am confident Azelon will achieve success in its effort to develop a high value treatment for osteoporosis patients.”
Read the Azelon press release.
