DUBLIN, April 17, 2014 /PRNewswire/ -- Heart Metabolics Limited, a new Irish biotechnology company focused on development of drugs for cardio-metabolic diseases, has announced the completion of a $20 million Series A financing from venBio, Seroba Kernel Life Sciences, Brandon Capital Partners (on behalf of AustralianSuper) and AshHill. The proceeds from this financing have supported Heart Metabolics Limited in acquiring a Phase 3-ready drug candidate and related preclinical drug candidates from a U.K. company, HMBL Limited (formerly known as Heart Metabolics Limited), and will support the company moving these drug candidates forward.
"We are excited to raise the funds necessary from high caliber investors to accelerate the development of perhexiline in a pivotal Phase 3 clinical trial," said Peter Milner, M.D., CEO of Heart Metabolics Limited, cardiovascular clinician and serial entrepreneur (including co-founder of CV Therapeutics). "Based on previous clinical data, we believe this drug will be an effective therapy for the rare but deadly heart disease, hypertrophic cardiomyopathy."
Hypertrophic cardiomyopathy ("HCM") is one of the most common of all hereditary heart diseases. Heart Metabolics is developing perhexiline as a new therapy for congestive heart failure symptoms in HCM. The current treatment options for severe HCM are limited, with no FDA approved drugs for these patients. On the heels of positive Phase 2 clinical results for perhexiline in HCM in the U.K., and a strong intellectual property position, the company is focusing its efforts on obtaining a Special Protocol Assessment (SPA) from the FDA in 2014 for its pivotal Phase 3 clinical trial that will commence in early 2015. The drug has orphan drug designation in the United States from the FDA and the company is seeking orphan drug designation in the EU. In addition, the company has a second drug candidate in preclinical development for an undisclosed indication of high unmet medical need.
Added Corey Goodman, Ph.D., managing partner of venBio, "We look forward to working with a terrific management team, clinical experts and group of investors to move this promising drug forward into a Phase 3 clinical trial for patients suffering from this serious orphan disease."
Joining Drs. Goodman and Milner on the board of directors are Robert Adelman, M.D., managing partner of venBio, Alan O'Connell, Ph.D., partner of Seroba Kernel Life Sciences, and Stephen Thompson, Ph.D., managing director of Brandon Capital Partners.
About Heart Metabolics
Heart Metabolics Limited is a biopharmaceutical company developing new treatments for cardio-metabolic diseases. The company's lead product candidate, perhexiline, has completed Phase 2 clinical trials as a treatment for hypertrophic cardiomyopathy (HCM). The company has obtained orphan designation from the FDA for the use of perhexiline as first line treatment for moderate-to-severe heart failure due to HCM. Headquartered in Dublin, Ireland, the company is backed by venBio, Seroba Kernel Life Sciences, Brandon Capital Partners (on behalf of AustralianSuper) and AshHill. www.HeartMetabolics.com.
SOURCE Heart Metabolics