Logical Therapeutics Secures $16.9M Series C Financing Round
Lead Candidate, LT-NS001, Shows Evidence of Improved GI Safety for Arthritis Patients
WALTHAM, Mass., May 26 /PRNewswire/ -- Logical Therapeutics, Inc., a private, clinical stage biopharmaceutical company, announced today it had closed on a $16.9 million Series C equity financing. The round was led by existing investor SV Life Sciences, and included Burrill & Company, Novo A/S and Novitas Capital.
Logical Therapeutics is developing a family of new chemical entities using its patented Bio-activated Technology.TM The proprietary platform, which modifies the chemical structure of NSAIDs (non-steroidal anti-inflammatory drugs), is being developed to significantly reduce the gastrointestinal (GI) side effects often associated with NSAIDs. The Company's lead compound, LT-NS001 (naproxen etemesil), is currently being studied in a Phase 2b/3 study comparing the cumulative rate of gastric ulcers vs. Naprosyn® in osteoarthritis patients after 12 weeks of treatment. Completion of the study is expected in late 2010.
The Series C financing round is expected to provide sufficient capital to advance the Company's development program through further clinical and non-clinical activities necessary for registration. The Company intends to seek a business partner prior to commercialization.
About Logical Therapeutics, Inc.
Based in Waltham, MA, Logical Therapeutics, Inc. is a venture-backed, privately held biopharmaceutical company focused on the development of bio-activated prodrugs to treat inflammatory conditions such as osteoarthritis and rheumatoid arthritis. The Company's Bio-activated TechnologyTM has created a portfolio of molecules including LT-NS001, a naproxen prodrug and several additional bio-activated NSAID prodrug candidates, which are covered by issued and pending U.S. and international patents. Each program addresses unmet medical needs in multi-billion dollar markets. For more information about Logical Therapeutics, visit the Company's website at www.logicaltx.com.
LT-NS001 is an investigational drug product candidate undergoing clinical evaluation and has not been approved by the U.S. Food and Drug Administration.
Bio-activated TechnologyTM is a trademark of Logical Therapeutics, Inc.
SOURCE Logical Therapeutics, Inc.