BURLINGAME, Calif.--(BUSINESS WIRE)--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. Leading life sciences investors including Charter Life Sciences, Great Point Partners, InterWest Partners, Three Arch Partners, Versant Ventures and Vivo Ventures back APT.
For more information, please visit www.aptbio.com.
New Venture Communications
Lisa Kelaita, 650-343-2735
Ted Rossman, 914-432-7083
Source: APT Pharmaceuticals, Inc.