June 13, 2007
Logical Therapeutics Inc. Raises US $30M Series B to Advance Drug Pipeline Targeting Inflammatory Diseases - Naproxen Pro-drug to enter Phase 2 Clinical Development
Logical Therapeutics, Inc., a privately held drug development company, announced today the successful completion of a $30 million Series B private equity financing, led by SV Life Sciences. Other investors participating in the Series B financing include Burrill & Company, Novo A/S and Sigvion Capital, as well as PA Early Stage Partners, which provided the seed funding for Logical in July, 2006. Logical Therapeutics is developing novel drugs to treat inflammatory diseases. As part of the financing event, the Company will establish new headquarters near Boston, Massachusetts.
“We’re delighted to reach this financing milestone, and are especially pleased to be associated with this group of very highly regarded investors," said Mitchell P. Fink, M.D., co-founder and CEO of Logical Therapeutics. “This new investment will allow us to reach clinically meaningful results in several of our programs in a short period of time.”
The funding will allow Logical to advance multiple drug candidates, including its lead drug, LT-NS001, a novel naproxen pro-drug, through proof-of-concept clinical trials.
"The leadership of Mitch Fink and Logical Therapeutics’ Chief Operating Officer, Carolyn Green, has been exemplary," said Dr. Lutz Giebel, Managing Partner for SV Life Sciences. "We are very enthusiastic about the company’s robust pipeline of inflammation-oriented therapeutic programs and the strength of the founding management team. Dr. Fink is a world-renowned inflammation expert whose experience in both the laboratory and the clinic will serve Logical well as it advances its drug programs. We are most pleased to be leading this investment. "
The Company’s lead compound, LT-NS001, is a pro-drug, which is converted in the bloodstream into naproxen, a non-steroidal anti-inflammatory drug (NSAID). Naproxen is widely regarded as the NSAID with the most favorable cardiovascular safety profile among all of the drugs in this class. In pre-clinical studies in rats and dogs, LT-NS001 was shown to cause significantly less damage to the gastrointestinal tract than equivalent doses of naproxen. LT-NS001 has completed pre-clinical toxicology testing and was evaluated in a Phase 1 clinical trial and shown to be well tolerated. The company plans to enter Phase 2 clinical testing in 2008.
"Physicians and patients have accumulated more than 30 years of experience with naproxen, which is widely available as an over-the-counter agent to treat pain and other signs and symptoms of inflammation caused by chronic conditions, such as osteoarthritis and rheumatoid arthritis,” said Fink. “Despite its considerable efficacy and its good cardiovascular safety profile, naproxen, like most NSAIDs, can cause serious, even life-threatening, gastrointestinal complications. The robust pre-clinical data package for LT-NS001 suggests that this novel compound will provide patients with a drug that combines the efficacy and cardiovascular safety of naproxen while substantially decreasing the risk for gastrointestinal ulceration.”
Two of the programs in the Company’s pre-clinical pipeline were in-licensed from the University of Pittsburgh, and include a compound to address C-reactive protein (CRP)-induced leptin-resistance in obese patients and a potent peptide-based inhibitor of TNF/TNFR1 signaling, which could significantly alter the way in which a variety of auto-immune diseases are treated.
About Logical Therapeutics, Inc.
Logical Therapeutics, Inc. is a venture-backed, privately held biotechnology company focused on the development of products that treat diseases associated with inflammation. The company is developing a novel platform of bio-activated prodrugs, covered by an intellectual property portfolio. LT-NS001, a naproxen bio-activated prodrug, is the Company's lead compound, with additional NSAID prodrug candidates in development. Each program addresses unmet medical needs in multi-billion dollar markets. For more information on Logical Therapeutics, visit the company's website at www.logicaltx.com.
Please address inquiries regarding LT-NS001 to Logical Therapeutics' business development department at firstname.lastname@example.org.
124 Washington Street, Suite 101
Foxboro, MA 02035