APT Pharmaceuticals Secures
$32 Million
in Series B Financing
Proceeds to Fund Completion of Phase III Trial of Inhaled
Cyclosporine following Lung Transplantation
burlinggame,
ca, September 30, 2008
APT Pharmaceuticals, a specialty drug development
company focused on inhaled treatments for serious lung diseases,
announced today the completion of a $32.3 million Series B
financing. The financing was led by Three Arch Partners and
joined by additional new investors, InterWest Partners and
Pinnacle Ventures. Existing investors Charter Life Sciences,
Great Point Partners, Versant Ventures and Vivo Ventures also
participated in the round.
Proceeds from the financing will be used
to complete APT’s pivotal Phase III program evaluating
the safety and efficacy of cyclosporine inhalation solution
following lung transplantation. The series B financing will
also fund further development of the company’s pipeline
programs in serious lung diseases.
“We are impressed by APT’s approach
to lowering risk by studying proprietary formulations of well
understood drugs and focusing on serious lung diseases,” said
Bill Harrington, M.D., a partner with Three Arch Partners “With
strong phase II data and a robust Phase III study ongoing,
the inhaled cyclosporine program has the potential to change
the practice of lung transplantation in the near future.”
The APT Phase III study of inhaled cyclosporine
follows a Phase II study conducted at the University of Pittsburgh
Medical Center, a nationally recognized transplant center,
and published in the New England Journal of Medicine in 2006.
Patients that received inhaled cyclosporine in addition to
their standard immunosuppressive treatment showed a 78% reduction
in mortality compared to those in the control group.
“With this latest financing, we have
the team, the strategy and the financial backing necessary
to bring inhaled cyclosporine to market and to become a profitable
company” explained Dr. Stephen Dilly, president and CEO
of APT Pharmaceuticals. “The support of a group of premier
life sciences investors clearly validates our business model
and our recent achievements which is especially gratifying
during this uncertain time in the financial markets.”
As part of this Series B financing, APT
also announced that Bill Harrington, M.D. has joined the APT
Board of Directors and Nina Kjellson, a general partner with
InterWest Partners, and David Kim, a partner with Pinnacle
Ventures, have joined as Board observers.“
APT has made great progress executing on
its business plan, and we jumped at the opportunity to participate
in this next funding round,” said Camille Samuels, APT
board member and managing director with Versant Ventures. “The
team is fortunate to be adding the expertise and resources
of our colleagues at Three Arch, InterWest and Pinnacle.”
About APT Pharmaceuticals,
Inc.
APT Pharmaceuticals, a specialty drug development company primarily
focused on inhaled treatments for serious lung diseases, is
based in Burlingame, California. APT is backed by several leading
health care investors including Vivo Ventures, Versant Ventures,
Great Point Partners and Charter Life Sciences.
For more information: www.aptbio.com.
CONTACT:
Ted Rossman/Lisa Kelaita
New Venture Communications
(650) 343-2735
trossman@newventurecom.com
lkelaita@newventurecom.com
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