N30 Pharma picks up $30M in mezzanine funding round to advance cystic fibrosis drug

By: InnovatioNews Monday November 24, 2014 0 comments Tags: Boulder, cystic fibrosis, Deerfield Management, Howard Furst, Jennison Associates, N30 Pharmaceuticals, N91115, Sabby Management

 

BOULDER - N30 Pharmaceuticals Inc., a clinical-stage, biopharmaceutical company focused on the development of therapies for cystic fibrosis, announced it raised $30 million in a mezzanine financing round.

New investors included Wellington Management, RA Capital Management LLC, Jennison Associates LLC, Rock Springs Capital Management LP and Sabby Management LLC, who were joined by existing investor Deerfield Management Company LP.

Cowen and Company acted as sole placement agent for the funding round.

N30 said proceeds from the round will primarily be used to advance the company's clinical trial program for N91115, a novel inhibitor of S-nitrosoglutathione reductase (GSNOR).

N30 recently completed a phase-1 dose-escalation trial of orally administered N91115 in healthy volunteers and was well tolerated over 14 days of dosing, the company said.

"We are proud to be backed by this impressive group of new and existing investors and to advance the clinical trial program for N30 Pharma's lead compound, N9115, in the treatment of cystic fibrosis," said Howard Furst, chairman of N30's board of directors and partner at Deerfield.

"N91115 is the first oral GSNOR inhibitor to enter clinical development, representing an important step towards identifying treatments to address a disease with significant unmet need."
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