Dauntless Pharmaceuticals has initiated a Phase 1 clinical study of its DP1038 intranasal octreotide acetate, the company said. The study will compare DP1038 to Sandostatin octreotide acetate injection in healthy volunteers. DP1038 is in development for the treatment of acromegaly and neuroendocrine tumors.
In July 2014, Aegis Therapeutics announced that it was looking to license its intranasal octreotide formulation technology; Dauntless was launched in July 2015 by Joel Martin, former CEO of Altair Therapeutics, to license and develop the Aegis technology.
Martin, who is currently President and CEO of Dauntless, commented, “We are committed to providing an improved treatment option for patients who rely on octreotide therapy to manage their disease. DP1038 provides a non-invasive delivery designed to eliminate painful injections, provide dosing flexibility, and reduce side effects that lead to diminished quality of life.”
According to Dauntless it has closed on an additional $25 million as part of its Series A financing, bringing the total to $32 million raised from Sofinnova and Canaan Partners; the funding will be used for development of DP1038 and “an undisclosed second asset.”
Read the Dauntless Pharmaceuticals press release.
