Lung Therapeutics, Inc. Raises $14.3 Million Series B Financing to Treat Unmet Needs in Lung Disease and Fibrosis
Financing will support further development of the Company's LTI-03 transformative drug technology and the current multi-site clinical trial of orphan drug LTI-01.
AUSTIN, Texas, June 6, 2017-- Lung Therapeutics, Inc., a clinical stage pharmaceutical company developing novel therapeutics for niche, orphan drug indications in fibrosis, lung injury and disease, announced today the successful completion of a $14.3 million Series B financing. The proceeds will support ongoing LTI-01 clinical trials in Australia and New Zealand, as well as development activities to advance the Company's transformative drug for fibrosis, LTI-03. The total outside funding Lung Therapeutics has raised is now $17 million. This is in addition to the $27M in non-dilutive funding awarded for discovery research and development for both drug candidates.
The Series B round was led by Bios Partners, a life-sciences private equity firm based in Dallas/Fort Worth, with participation by existing investor, the UT Horizon Fund.
Breakthroughs to Breathing Easier
"We are pursuing unique, proprietary treatments that eliminate the need for surgery and ineffective off-label drugs for patients with loculated pleural effusion (LPE) as well as new drugs for fibrosis indications such as idiopathic pulmonary fibrosis (IPF), scleroderma, and cardiac fibrosis," said Brian Windsor, PhD, Lung Therapeutics CEO. "This brings new hope to a global patient population whose only treatment options are currently limited and expensive. We aim to create better therapeutic options for these and other underserved, life-threatening lung and fibrosis conditions."
Aaron Fletcher, PhD, Lung Therapeutics Board of Directors member and Managing Partner of Bios Partners, said, "Lung Therapeutics has developed and licensed a battery of transformative therapeutics for pulmonary disease and fibrosis indications. The Company has made tremendous progress, including a multi-site clinical trial for LTI-01, orphan drug status from both the FDA and EU's EMA, and new intellectual property patents for an action mechanism in potential resolution of fibrosis. Bios is pleased to invest in Lung Therapeutics' unique disease-modifying therapeutics. We see tremendous potential in LTI-03's ability to not only slow progression but potentially resolve fibrosis in numerous model indications."
LTI-01 Clinical Trial – New Option to Clear Fibrinous Buildup Pharmaceutically
Recently Lung Therapeutics began a multi-site Phase 1a/b clinical trial in Australia and New Zealand. Lung Therapeutics has designed LTI-01 to treat empyema and Complicated Parapneumonic Effusions (CPE), two complications of pneumonia that can involve fibrinous scarring in the pleural space that inhibits fluid drainage. Lung Therapeutics estimates that more than 100,000 US patients annually could benefit from treatment with LTI-01. The LTI-01 technology was licensed from the University of Texas Health Science Center at Tyler.
LTI-03 – Potential to Restore Healthy Lung Function and Other Fibrotic Tissues
LTI-03 is a drug product that addresses Idiopathic Pulmonary Fibrosis (IPF). IPF is a chronic lung disease with progressive scarring in the lungs from unknown causes such as disease, injury or genetics. The condition has a five-year mortality of 80%. ¹
Currently in preclinical development, LTI-03 has received both public and private funding. LTI-03 has also shown promise in other models of fibrotic diseases including scleroderma, kidney and cardiac fibrosis.
Lung Therapeutics, Inc. Online Press Kit: http://health-event-news.vporoom.com/LungTherapeutics
About Lung Therapeutics, Inc.
Headquartered in Austin, Texas, Lung Therapeutics, Inc. is a clinical stage pharmaceutical company formed to leverage decades of leading research in lung injury and disease due to fibrosis by pursuing niche, orphan drug indications for which there is no current effective therapeutic option. The company is pioneering the development and commercialization of safe and effective drugs for the non-surgical treatment of fibrosis in and around the lungs: LTI-03 for Idiopathic Pulmonary Fibrosis and LTI-01 for Pleural Effusion with Loculation. For more information, visit lungtx.com.
About Bios Partners
Bios Partners is a venture capital firm focused on investing in early-stage biopharmaceutical and medical device companies. Founded in 2014 and based in Fort Worth, TX, the firm utilizes an experienced team of industry professionals to actively collaborate with its investment portfolio companies and enhance stakeholder value.
1.Ye, Gan, Herzog, E.L., Gomer, R.H. (2011). Pirfenidone treatment of idiopathic pulmonary fibrosis. Therapeutics and Clinical Risk Management, (7), 39-47.
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