Resolve Therapeutics Nabs $2M For Lupus Drug, First Step on the Road to Returns With No IPO, No M&A
5/17/2011 7:16:26 AM
SEATTLE--(BUSINESS WIRE)-- Resolve Therapeutics, LLC today announced that the company has raised $2 million in the initial close of a Series A financing from New York-based venture firms New Science Ventures, and Easton Capital.
The company also announced two additions to its Board of Managers. Peter Kiener, Chief Executive Officer of Zyngenia and previously Executive Vice President and Global Head of biologics R&D at AstraZeneca PLC/MedImmune, LLC, has been named Chairman. Somu Subramaniam, Founder and Managing Partner of New Science Ventures, has been appointed a member of the Board. John Friedman, Managing Partner of Easton Capital, will be an observer to the Board.
“We are very pleased to close this initial $2 million of our Series A financing and expect to complete the round with a third, corporate investor in the near future,” said James Posada, Chief Executive Officer of Resolve. “We continue to make progress towards our goal of clinical proof-of-concept for our investigational lupus compound RSLV-125. We are also excited to welcome the new Board members and to have the support of our new investors as well as the deep scientific expertise of Dr. Kiener.”
“Patients suffering from lupus remain a seriously underserved population, and RSLV-125 is a differentiated, novel approach to inhibit the interferon pathway, which is recognized as a key element of the pathophysiology of lupus,” said Somu Subramaniam. “This product potential, combined with Resolve’s cost-efficient business structure and prospects for returns in the relative near-term, make this a compelling investment opportunity.”
About New Science Ventures
New Science Ventures (NSV) is a New York-based venture capital firm which invests in both early and late stage companies using novel scientific approaches to address significant unmet needs and create order of magnitude improvements in performance. NSV manages over $150 million and has invested in more than 20 companies located in the US, Europe, India and China in the life sciences and information technology sectors.
About Easton Capital
Easton Capital Investment Group manages approximately $200 million in several funds. Easton focuses on capital efficient paradigm shifting technologies in the life sciences that address fundamental needs. The firm is stage agnostic and invests primarily in the biotechnology, medical device and diagnostic sectors, though it has also backed service businesses in the past. Its investments have ranged in size from $1 million to $8.5 million. Easton has offices in New York and Florida.
About Resolve Therapeutics
Resolve Therapeutics is a privately held biotechnology company based in Seattle that is dedicated to helping patients with lupus through the development of RSLV-125, its novel targeted biologic therapy. RSLV-125 represents a new approach to inhibiting the production of interferon-alpha at a proximal step in the inflammatory cascade. A multitude of evidence points to interferon-alpha as a critical mediator of the inflammation present in lupus patients. Development efforts in this field are greatly enhanced by the recent clinical validation of a biomarker called the “interferon signature” which tracks the activation level of the interferon pathway in lupus patients. The interferon signature provides a valuable pharmacodynamic endpoint which greatly enhances the early clinical evaluation of drugs acting to inhibit the interferon pathway. RSLV-125 is currently in advanced preclinical development, and Resolve expects to begin human clinical studies with this compound in the near future. For more information please visit the Resolve Therapeutics website at http://www.resolvebio.com.
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