California-based Elevation Pharmaceuticals has announced closing of $30 million in Series B financing for development of its lead product, EP-101, a glycopyrrolate inhalation solution for the treatment of COPD. Novo Ventures, a new investor, led the round, and Elevation’s previous investors, Canaan Partners, TPG Biotech, Care Capital, and Mesa Verde Venture Partners, all participated.
EP-101, if approved, would be the first LAMA formulation for nebulization; the product is being developed for delivery with the PARI eFlow nebulizer system. A Phase 2b study is currently underway, and the company expects to complete a second Phase 2b study by the end of 2012 and begin Phase 3 studies by the end of 2013.
“We frequently hear pulmonologists say, if a nebulized long-acting muscarinic antagonist were available, they’d have the optimal medicine delivered in the optimal device for their patients with more severe COPD,” explained Elevation President and CEO Bill Gerhart; “Significantly improving the standard of care for this large and growing subpopulation of COPD patients is what motivates Elevation and our group of outstanding investors.”
Novo Venture’s Heath Lukatch, who has now joined the Elevation board of directors, commented, “We believe that Elevation Pharmaceuticals’ EP-101 will provide a much needed new treatment option for an underserved segment of the COPD patient population. EP-101 has already demonstrated improved lung function in multiple human clinical trials and Elevation’s management team has a successful track record of developing drugs using new delivery technologies. Novo Ventures is very pleased to be able to support Elevation’s efforts to improve the lives of COPD patients with our investment in the company’s Series B financing.”
The company’s pipeline also includes a LAMA/LABA combination for COPD and a LAMA/ICS combination for both COPD and asthma.
Read the Elevation press release.
