Edge Therapeutics Banks $72.5 Million for Phase III Brain Hemorrhage Study
Published: Apr 09, 2015
April 9, 2015
By Mark Terry, BioSpace.com Breaking News Staff
Berkeley Heights, N.J.-based Edge Therapeutics announced today that it had raised about $72.5 million from a Series C-1 and C-2 financing round.
The Series C-1 round was completed in December 2014 and raised approximately $16.5 million and, according to the company, “included investments by a number of high net worth individuals, family offices and private foundations.”
The Series C-2 round was completed this month for $56 million and was led by Venrock with participation by Sofinnova Ventures, Janus Capital Management, funds managed by Franklin Advisers,l, New Leaf Venture Partners and BioMed Ventures.
Anders Hove, partner at Venrock and James Healy, managing partner of Sofinnova joined the Edge Therapeutics board of directors.
“This significant financing from a sophisticated syndicate of leading life sciences investors is a transformative event for Edge,” said Sol Barer, chairman of the board of directors of Edge in a statement. “We welcome the new members of our Board of Directors, whose deep experience in both venture capital and specifically in biotechnology will be invaluable as Edge continues to grow into a fully integrated biotechnology company.”
The company plans to use the funds to complete its Phase I/II NEWTON study and get ready for a Phase III pivotal study for EG-1962. EG-1962 is a novel polymeric nimodipine microparticle utilizing the company’s proprietary Precisa development platform.
The compound is being investigated for the treatment of aneurysmal subarachnoid hemorrhage (aSAH). aSAH is a brain aneurysm that releases blood that pools in the subarachnoid space.
The company’s Precisa platform is a programmable, biodegradeable polymer platform that helps to develop drugs that can be delivered directly to the injury site. The NEWTON (Nimodipine microparticles to Enhance recovery While reducing TOxicity after subarachNoid hemorrhage) study is a multicenter, randomized, controlled, open label trial that evaluates the safety and pharmacokinetics of EG-1962 compared to current standard of care for patients with aSAH.
Edge Therapeutics works on the premise that the standard of care, nimodipine, in pill form, has dangerous side effects such as low blood pressure and that correct dosing is difficult. EG-1962 is an injectable sustained-release form administered immediately after surgery.
The company’s filing of form D regarding the financing indicates that at least a portion of the proceeds might be used to pay salaries for people involved in developing the new clinical trials.
On Feb. 11, 2015 the company announced details of the NEWTON trial.
“Patients that have suffered a ruptured brain aneurysm are at great risk of death or severe brain damage as a result of delayed neurological complications for up to 14 days after the aneurysm has been treated,” said R. Loch Macdonald, chief scientific officer of Edge in a statement. “The improvement observed in patient outcomes associated with EG-1962 in the first two cohorts of the NEWTON study is very encouraging for patients and their clinicians.”
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