1/30/2014 9:18:55 AM
ROCKY HILL, Conn., January 30, 2014 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for helping businesses grow through innovative financing and strategic assistance, today announced it has made a $361,695 follow-on investment in New Haven Pharmaceuticals Inc. (NHP) of Branford, Connecticut, through its Eli Whitney Equity Fund. CI’s investment was part of a $1.6 million financing also involving EJ Funds, Advantage Capital Partners, Kuzari Group, and the company’s president and chief executive officer, Patrick Fourteau. In 2012, CI invested $1.5 million in the company.
“We’ve been pleased with the progress NHP has made since our previous investment and are excited at the prospect of NHP’s products helping patients at risk of stroke and cardiovascular events and those suffering from gastroesophageal reflux disease,” said Claire Leonardi, chief executive officer of Connecticut Innovations. “Our investment in companies such as NHP is consistent with the Malloy administration’s efforts to fortify Connecticut’s bioscience sector through a variety of investment and support initiatives.”
“We’re extremely gratified at the support shown the company by Connecticut Innovations and other investors,” said Patrick Fourteau. “The current financing will help advance DURLAZA™, our first drug product, to NDA submission and advance the company to a Series B financing.”
DURLAZA™ is initially being developed as a prescription, anti-platelet therapy for the secondary prevention of stroke and acute cardiovascular events.
NHP is also developing products based on Yale University technology that will lower stomach acid, whether taken alone or in combination with other drugs. These drugs will target individuals suffering from gastro-esophageal reflux disease (GERD).
“This is a wise state investment, which will not only create good jobs in Connecticut, but will also advance the all-important bioscience sector of our economy,” said State Senator Ed Meyer (D-Branford).
State Representative Lonnie Reed (D-Branford), who serves as co-chair of the legislature's Bi-Partisan Life Sciences Caucus, applauded CI's decision. She said, “CI is making a strategic investment in Branford's New Haven Pharmaceuticals at a critical stage in the company's development of its first drug product to help prevent stokes. This is exactly the kind of well-timed and targeted funding that attracts other investors and speeds a company's ability to bring its life-saving product to market.”
Daniel Wagner, CI managing director of investments, continues to represent CI on the NHP board of directors.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut's innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. Through all these initiatives, CI has helped bring $4 billion in financing to Connecticut companies. The state’s most active early-stage investor, CI has created more than 26,000 jobs. For more information on CI, please visit www.ctinnovations.com.
About New Haven Pharmaceuticals Inc.
New Haven Pharmaceuticals Inc. (NHP) is a specialty pharmaceuticals company developing new prescription drug products based on proprietary controlled-release technology and technology licensed from Yale University. For more information on NHP, please visit www.newhavenpharma.com.
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