InVasc Therapeutics Announces Financing of $3.15 Million and Board Changes
7/9/2010 7:10:14 AM
ATLANTA--(BUSINESS WIRE)--InVasc Therapeutics, Inc. today has had an initial closing of $3,150,000 in its first institutional financing. The investment was led by Trois I Investments Industriels Internationaux S.A., headquartered in Luxembourg.
“We welcome Trois I and our other investors,” stated William Johnston, Ph.D., Chief Executive Officer of InVasc. “The funds raised will primarily be used to advance a Phase II trial for INV-144. The members of our new board will include Daniele Cardoso of Trois I, Larry Dillaha, the former EVP and Chief Medical Officer of Sciele Pharma, Bill Schaeffer, Chief Operating Officer of InVasc and me.”
InVasc Therapeutics, Inc., headquartered in Tucker, Georgia, is a biopharmaceutical company developing drugs to mitigate risks associated with cardiometabolic diseases. Cardiovascular and metabolic diseases such as diabetes, hypertension, stroke and dyslipidemia are the leading causes of morbidity and mortality worldwide. The Company plans to file an IND later this year for INV-144 targeting the slowing of the progression of chronic kidney disease in hypertensive diabetic patients. In a human clinical trial, INV-141, a sister compound, demonstrated statistical significance in the reduction of proteinuria in the same patient population. InVasc’s pipeline development is supported by two recent SBIR grants.
This is not an offering of securities. The securities sold or to be sold have not and will not be registered under the Securities Act of 1933 and will not be offered or sold absent registration under the Securities Act of 1933 or an applicable exemption from the registration requirements of the Securities Act of 1933.