BioAdvance Leads Seed Funding Round For Neurology Start-Up NuPathe Inc.
PHILADELPHIA, Nov. 8 /PRNewswire/ -- BioAdvance, the Biotechnology Greenhouse of Southeastern Pennsylvania, today announced that it has invested $500,000 in Greenhouse Fund resources in NuPathe Inc., a newly formed specialty pharmaceutical company with a focus on neurology and psychiatry. BioAdvance led this seed funding round, which also included a number of private investors.
Conshohocken-based NuPathe was founded by successful biopharmaceutical industry veterans Jane Hollingsworth and Terri Sebree, former senior executives at publicly-traded Auxilium Pharmaceuticals. The co-founders also have extensive experience in clinical research and development. The new company intends to in-license promising new products and technologies for the treatment of psychiatric and neurological disorders. NuPathe's first product candidate, NP101, is a new migraine therapy based on a novel delivery technology that is expected to enter clinical trials in 2006.
"NuPathe has assembled the ideal mix of technological innovation, business savvy and life sciences industry expertise that we seek in our investment candidates," said Barbara S. Schilberg, managing director and CEO of BioAdvance. "The founders' past record of success and their focus on an area of high unmet medical need made NuPathe a priority candidate for Greenhouse funding, which with this investment now totals more than $10 million invested in 29 regional life sciences companies and projects over the past three years."
The company's first product, NP101, delivers sumatriptan, the commonly prescribed migraine drug, through the skin using a new technology -- the iontophoresis-based SmartRelief(TM) patch. Iontophoresis uses a mild electrical field to propel drug molecules across intact skin.
"We believe NuPathe has a compelling value proposition and the quality of our new investors, led by BioAdvance, is testament to the promise of the company we are building, said Jane Hollingsworth, chief executive officer of NuPathe. "We are particularly pleased that our seed investors can also provide us with counsel and expertise to help us accelerate the progress of the company, as we prepare to bring NP101 into clinical trials and to expand our pipeline to address important medical needs in schizophrenia and cognition."
NuPathe's SmartRelief(TM) migraine product is a convenient transdermal patch that can be applied upon noticing the first symptoms of migraine. It is programmed to rapidly deliver an initial dose of sumatriptan through the skin for early relief of the migraine and then continue the delivery over a longer period to reduce recurrence. NP101 will provide both faster and longer-acting pain relief than current migraine treatments, and without the need for an injection.
"NuPathe is an excellent example of a life sciences enterprise that builds on the unique and varied strengths of our region," said Gary J. Kurtzman, M.D. managing director and COO of BioAdvance. "The co-founders are highly experienced entrepreneurs who know how to tap into the rich network of drug development and associated business resources concentrated in greater Philadelphia, and we look forward to assisting them as they move NP 101 into clinical trials and progress their existing and new pipeline products."
About NuPathe
NuPathe Inc. is a specialty pharmaceutical company specializing in the acquisition and development of important and innovative therapeutic products in the area of neuroscience. The mission of NuPathe is to identify opportunities for therapeutic advances in the treatment of neurologic and psychiatric disorders and to license and develop compounds and technologies that meet these needs. The NuPathe team has a proven track record in identification and development of novel therapeutic approaches and is applying this expertise to build and develop its portfolio of products. For more information visit www.nupathe.com.
About BioAdvance
As part of a $2 billion initiative of the Commonwealth of Pennsylvania for the life sciences, BioAdvance received $33.8 million to accelerate the creation of life sciences jobs and businesses in Southeastern Pennsylvania. Since its inception in 2002, BioAdvance has committed more than $10 million of its Greenhouse Fund to 29 enterprises and research projects. Their technologies and products cover an array of innovations -- from powerful new diagnostics to medical devices and promising therapies for a variety of disabling and life threatening conditions including cancer, Alzheimer's disease, macular degeneration, obesity, drug resistant infections, intractable pain, and addiction. For more information on BioAdvance and its portfolio companies, please visit www.bioadvance.com.
CONTACTS: Ellen Semple BioAdvance 215-966-6207 esemple@bioadvance.com Barbara Lindheim GendeLLindheim BioCom Partners 212-918-4650 blindheim@biocompartners.com
BioAdvanceCONTACT: Ellen Semple of BioAdvance, +1-215-966-6207, oresemple@bioadvance.com; or Barbara Lindheim of GendeLLindheim BioComPartners, +1-212-918-4650, or blindheim@biocompartners.com, for BioAdvance