New Peptide Company Phoundry Closes First Seed Funding

Aug 18, 2015, 12:28 ET from Phoundry Pharmaceuticals, Inc.

RESEARCH TRIANGLE PARK, N.C., Aug. 18, 2015 /PRNewswire/ -- Phoundry Pharmaceuticals, Inc., an RTP, North Carolina-based company focusing on the discovery of peptide therapeutics, announced today that it has successfully completed its first seed financing, putting it in position to advance its discovery and partnering plans. 

Phoundry was recently incorporated following the retrenchment of some of GlaxoSmithKline's RTP-based R&D programs and infrastructure. Most of its personnel originate from GSK's Enteroendocrine Discovery Performance Unit, including the leadership and specialized peptide chemistry, biology, and drug metabolism and pharmacokinetic expertise. 

The company was co-founded by six scientists from GSK's unit, including Paul Feldman (CEO), Andrew Young (CSO), Ved Srivastava, Mark Paulik, James Way and Shane Roller. The scientific founders' track record includes eight drug products, including exenatide, pramlintide and three other peptide therapeutics, as well as over two dozen phase 2 clinical-stage assets.

The Company has established operations, including its laboratory-based activity, at the Hamner Institutes for Health Sciences in RTP. A. M. Pappas & Associates (AMP&A), the parent company of Pappas Ventures, is a co-founder of Phoundry and led the seed financing.

Peptides represent high-value therapeutic candidates for a wide range of challenging diseases but have been historically difficult to discover with the necessary pharmaceutical properties. Phoundry's highly specialized discovery expertise addresses this limitation to create new peptide product opportunities. The Company has already attracted well-advanced partnering interest. 

"Building the company in Research Triangle Park has been a key factor in our vision for Phoundry," notes Dr. Feldman.  "The support the Company has received from the North Carolina Biotechnology Center, the Hamner Institutes, and the Pappas team in its initial planning and start-up exemplifies the vibrant environment that the RTP biotechnology and entrepreneurial ecosystem provides."

Contacts:
Paul Feldman, PhD   
CEO, Phoundry Pharmaceuticals, Inc. 
919 281 2441 

SOURCE Phoundry Pharmaceuticals, Inc.