Cingulate Therapeutics Announces $7.5M Equity Investment from Werth Family Investment Associates
KANSAS CITY, Kan., July 11, 2018 /PRNewswire/ -- Cingulate Therapeutics LLC, a clinical stage biopharmaceutical company focused on the development of new and innovative products utilizing its precision timed release drug delivery platform technology incorporating the OralogiK™ erosion barrier, today announced a $7.5M equity investment from Werth Family Investment Associates. The company has now raised over $16M as it positions itself for continued growth. Proceeds will be used to advance Cingulate's two (2) proprietary, first-line medications for the treatment of ADHD, CTx-1301 (dexmethylphenidate) and CTx-1302 (dextroamphetamine), through investigational new drug applications and Phase I/II clinical trials. Cingulate also announced today that Peter J. Werth, Founder and CEO of ChemWerth Inc., a privately held Connecticut-based corporation will join Cingulate's Board of Directors.
Shane J. Schaffer, Chairman and CEO of Cingulate Therapeutics, said, "This event marks a significant achievement for our company in multiple ways. The first and most obvious is that the capital will advance our lead products into Phase I/II clinical trials. Furthermore, Peter's extensive knowledge, experience and tremendous reputation in the pharmaceutical industry will make his contributions as a board member invaluable. His presence in Connecticut as head of ChemWerth extends well beyond the 'medicine chest' of pharmaceutical companies in the Northeast to the world-wide business he has built."
"We are excited about Cingulate's work as reflected in its co-lead products for ADHD and its innovative drug delivery platform technology," stated Peter J. Werth, President of Werth Family Investment Associates. "The $14B ADHD market represents a large commercial opportunity. In the wider picture, Cingulate's technology has the potential to make a real difference in patient care where its once-daily tablets of multi-dose therapies can support patients, physicians and the healthcare system. We are pleased and excited to be able to help accelerate Cingulate's wonderful work."
ChemWerth Inc. is a full-service generic drug development and supply company providing high quality Active Pharmaceutical Ingredients to regulated markets worldwide. Through exclusive development and partnerships with API manufacturers, ChemWerth Inc. provides expertise in product selection and development, analytical and regulatory services, and strong project management to ensure the highest standards of quality.
Mr. Werth earned a BS degree in Chemistry and Math from Fort Hays State University and a MS degree in Organic Chemistry from Stanford University. He serves as a director on the boards of the following companies: VM Pharma LLC, VM Therapeutics LLC, VM Oncology LLC, Likarda LLC, Altos Therapeutic, Alzeca, Nuance, Perseus and Cingulate Therapeutics LLC. Mr. Werth has formed LLCs to develop commercial projects using specific technologies which reflect his strong entrepreneurial interests and contributions toward start-ups.
Along with his family, he has established the Werth Family Foundation to support various philanthropic causes, specifically in educational, cultural, and medical-related causes globally. Mr. Werth financed the formation of The Peter J. Werth Institute for Entrepreneurship and Innovation at the University of Connecticut, the Werth College of Science, Technology and Mathematics at Fort Hays State University and the Werth Center for Coastal & Marine Studies at Southern Connecticut State University.
About Cingulate Therapeutics
SOURCE Cingulate Therapeutics LLC