Lung Therapeutics, Inc. Raises $36 Million in Series C Financing to Advance Clinical Pipeline
Proceeds to fund completion of Phase II Clinical Trial for drug candidate LTI-01 in Loculated Pleural Effusions and Phase I Clinical Trial for Idiopathic Pulmonary Fibrosis (IPF) candidate LTI-03
AUSTIN, Texas--(BUSINESS WIRE)-- Lung Therapeutics, Inc., a clinical stage biopharmaceutical company developing novel therapeutics for orphan, pulmonary indications, announced today the closing of $36 million Series C financing. To date, Lung Therapeutics has raised a total of $53 million in outside funding.
The Series C funding will finance the company’s next stage of growth, including the advancement and completion of multiple clinical trials. Specifically, the proceeds will fund the Phase II clinical trial of LTI-01 for patients with Loculated Pleural Effusions (LPE), a serious complication of pneumonia; and a Phase I clinical trial for LTI-03, in development for the treatment of Idiopathic Pulmonary Fibrosis (IPF).
“We are extremely thankful for the strong reception and support we have received from both our existing and new institutional investors. Both LTI-01 and LTI-03 show great promise to becoming new and beneficial therapeutic drugs for doctors and patients worldwide,” stated Brian Windsor, PhD, CEO of Lung Therapeutics. “This financing will allow us to complete the first and only Phase II clinical trial in patients with Loculated Pleural Effusions, as well as a healthy volunteer Phase I clinical trial for our second product candidate, LTI-03, which is in development for IPF patients.”
LTI-01 – Potential to Clear Fibrinous Buildup Pharmaceutically
LTI-01 has completed a Phase I, dose escalation clinical trial, in 14 LPE patients. LTI-01 appeared to be well tolerated by patients, and demonstrated evidence of LPE resolution.
“Patients with loculated pleural effusions currently have no approved drug treatments and typically require a surgical procedure to resolve their condition,” commented Aaron Fletcher, Board Member and Partner of Bios Partners, which participated in the Series C round. “LTI-01 not only has the potential to be the first and only approved drug for Loculated Pleural Effusions but also the potential to significantly reduce hospital stays, hospital costs, and materially improve quality of life for patients.”
LTI-03 – Potential to Dramatically Improve Patient Health in IPF
Idiopathic Pulmonary Fibrosis (IPF) is a chronic lung disease with progressive scarring in the lungs from unknown causes such as disease, injury or genetics. The condition has a five-year mortality of 80%. ¹ LTI-03 has potent antifibrotic effects, and has the potential to help protect normal lung function in IPF patients. LTI-03 has demonstrated anti-fibrotic activity in multiple models of fibrosis, including scleroderma, kidney and cardiac, as well as the ability to protect healthy lung cells in pre-clinical testing.
About Lung Therapeutics, Inc.
Headquartered in Austin, Texas, Lung Therapeutics, Inc. is a clinical stage biopharmaceutical company formed to leverage decades of leading research in orphan, pulmonary indications for which there are unmet medical needs. The company is developing a proprietary pipeline of novel therapeutics with the potential to greatly improve outcomes over currently available treatments. The company’s lead drug, LTI-01, is in development for Loculated Pleural Effusion (LPE) and has successfully completed a clinical trial in LPE patients. The company’s second drug candidate, LTI-03, is in development for Idiopathic Pulmonary Fibrosis and is ready to enter clinical development. For more information, visit lungtx.com.
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Source: Lung Therapeutics, Inc.