Kadmus Pharmaceuticals Inc. Receives $15.3 Million in Series A Financing Round
Monday February 9, 8:07 am ET
Funding Supports Clinical Development and Expansion of Therapeutic Platform Targeting Endocannabinoid Pathways
IRVINE, Calif., Feb. 9 /PRNewswire/ -- Kadmus Pharmaceuticals Inc., a private biopharmaceutical company developing therapeutics for the treatment of pain, obesity, and other unmet medical needs, today announced that it has received $15.3 million in its Series A financing round, led by Vengrowth Advanced Life Sciences Fund.
Joining VenGrowth in the round as a new investor is Softbank Life Science Ventures. Sanderling Ventures, NeuroVentures, CDP Capital, Gray Ghost LLC and Bio*One Capital, the investment arm of the Singapore Economic Development Board (EDB), participated in the round as returning investors. Kadmus previously raised a total of $6.0 million in the first two tranches lead by NeuroVentures with the largest single investment coming from Sanderling Ventures.
Proceeds of this financing will be used to expand Kadmus' Canadian operations and advance the development of Kadmus' product portfolio, including completion of a Phase II clinical study of the company's lead drug candidate, KDS-2000, a topical formulation targeting neuropathic pain.
"This financing allows us to complete a Phase II clinical trial of KDS-2000, as well as continue the development of our obesity program and our fatty acid amide hydrolase (FAAH) inhibitor development, and other related programs," said Patrick D. Walsh, Kadmus' chief executive officer. "We are very pleased to expand our list of venture partners as we move into the next important stage of development for our lead compounds."
In conjunction with the financing, Jeff Courtney, general partner at VenGrowth Capital Partners, Inc. will join the Kadmus board of directors.
About KDS-2000
KDS-2000 is a topical formulation that targets peripheral pain receptors without activating receptors in the central nervous system thus avoiding the side-effects commonly associated with pain medication. Kadmus is testing the drug candidate in patients with post-herpetic neuralgia (PHN).
About Kadmus Pharmaceuticals:
Founded in 1998 and located in the University Research Park in Irvine, California, Kadmus is a privately-held biopharmaceutical company that commercially exploits endocannabinoid pathways to develop innovative therapeutics. Endocannabinoids are naturally occurring signaling molecules whose functions include regulating pain and body weight. Through licensing activity, development partnerships and internal discovery programs, Kadmus Pharmaceuticals is building a portfolio of compounds with activity against a range of disorders of the central nervous system and metabolic disorders, including neuropathic pain and obesity. For more information, visit www.kadmuspharma.com. |
