SAN FRANCISCO, Dec. 18, 2018 /PRNewswire/ --Spiral Therapeutics, a clinical stage pharmaceutical company focused on the development of first-in-class therapies targeting inner ear disorders, today announced the initiation of its Phase 1 clinical trial of LPT99, the company's lead investigational drug candidate targeting prevention and treatment of hearing loss.
Spiral's Phase 1 clinical trial is being conducted at a single site in Australia and is a randomized, double-blind, placebo-controlled, single ascending dose study to evaluate the safety and tolerability of LPT99 administered to healthy adult subjects. Spiral plans to enroll approximately 32 healthy participants and to complete the study by the second quarter of 2019.
Spiral Therapeutics recently secured $3.7 million as part of a Series A financing round co-led by Savoir Capital and Camden Partners to continue to advance its hearing loss pipeline. The company, that has raised over $8.3 million since its incorporation in early 2016, plans to secure additional funds into this round. Spiral's executive leadership includes industry veterans Eugene de Juan and Justin Hanes, and world-renowned neurotologist Charles Limb.
"Initiation of our Phase 1 clinical trial is an important step in Spiral's mission to bring new and effective drug therapies to a field with large unmet needs," said Hugo Peris, founder and CEO of Spiral Therapeutics. "This trial also confirms our development capabilities and our understanding of inner ear disorders, and marks Spiral as a leader in the field. We will continue to leverage our core competencies in advancing the development of LPT99 and expanding our pipeline."
Dr. Charles Limb, Chief Medical Officer of Spiral Therapeutics said, "LPT99 is an exciting drug candidate, which represents a new class of potentially transformative treatment options in the rapidly evolving field of hearing loss therapeutics."
About Spiral Therapeutics Spiral Therapeutics is a clinical stage pharmaceutical company focused on the development of first-in-class therapies targeting hearing loss and other inner ear disorders. Through the use proprietary therapeutics and drug delivery technologies, Spiral is building a pipeline of advanced therapies in a field with large unmet needs and no approved therapies. Spiral's lead candidate, LPT99, reached the clinic in December 2018. Spiral was launched in early 2016 and is headquartered in the San Francisco Bay Area.