Proceeds to fund completion of Phase II Clinical Trial for drug
candidate LTI-01 in Loculated Pleural Effusions and Phase I Clinical
Trial for Idiopathic Pulmonary Fibrosis (IPF) candidate LTI-03
AUSTIN, Texas–(BUSINESS WIRE)–#SeriesCfinancing—Lung
Therapeutics, Inc., a clinical stage biopharmaceutical company
developing novel therapeutics for orphan, pulmonary indications,
announced today the closing of $36 million Series C financing. To date,
Lung Therapeutics has raised a total of $53 million in outside funding.
The Series C funding will finance the company’s next stage of growth,
including the advancement and completion of multiple clinical
trials. Specifically, the proceeds will fund the Phase II clinical trial
of LTI-01
for patients with Loculated
Pleural Effusions (LPE), a serious complication of pneumonia; and a
Phase I clinical trial for LTI-03,
in development for the treatment of Idiopathic
Pulmonary Fibrosis (IPF).
“We are extremely thankful for the strong reception and support we have
received from both our existing and new institutional investors. Both
LTI-01 and LTI-03 show great promise to becoming new and beneficial
therapeutic drugs for doctors and patients worldwide,” stated Brian
Windsor, PhD, CEO of Lung Therapeutics. “This financing will allow
us to complete the first and only Phase II clinical trial in patients
with Loculated Pleural Effusions, as well as a healthy volunteer Phase I
clinical trial for our second product candidate, LTI-03, which is in
development for IPF patients.”
LTI-01 – Potential to Clear Fibrinous Buildup Pharmaceutically
LTI-01 has completed a Phase I, dose escalation clinical trial, in 14
LPE patients. LTI-01 appeared to be well tolerated by patients, and
demonstrated evidence of LPE resolution.
“Patients with loculated pleural effusions currently have no approved
drug treatments and typically require a surgical procedure to resolve
their condition,” commented Aaron
Fletcher, Board Member and Partner of Bios Partners, which
participated in the Series C round. “LTI-01 not only has the potential
to be the first and only approved drug for Loculated Pleural Effusions
but also the potential to significantly reduce hospital stays, hospital
costs, and materially improve quality of life for patients.”
LTI-03 – Potential to Dramatically Improve Patient Health in IPF
Idiopathic Pulmonary Fibrosis (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
LTI-03 has potent antifibrotic effects, and has the potential to help
protect normal lung function in IPF patients. LTI-03 has demonstrated
anti-fibrotic activity in multiple models of fibrosis, including
scleroderma, kidney and cardiac, as well as the ability to protect
healthy lung cells in pre-clinical testing.
About Lung Therapeutics, Inc.
Headquartered in Austin, Texas, Lung Therapeutics, Inc. is a clinical
stage biopharmaceutical company formed to leverage decades of leading
research in orphan, pulmonary indications for which there are unmet
medical needs. The company is developing a proprietary pipeline of novel
therapeutics with the potential to greatly improve outcomes over
currently available treatments. The company’s lead drug, LTI-01, is in
development for Loculated Pleural Effusion (LPE) and has successfully
completed a clinical trial in LPE patients. The company’s second drug
candidate, LTI-03, is in development for Idiopathic Pulmonary Fibrosis
and is ready to enter clinical development. For more information, visit lungtx.com.
Reference:
1. Ye, Gan, Herzog, E.L., Gomer, R.H. (2011).
Pirfenidone treatment of idiopathic pulmonary fibrosis. Therapeutics
and Clinical Risk Management, (7), 39-47.
Contacts
Sandra Oak
Nsight Public Relations
Phone: (321) 591-1508
soak@nsightpr.com
Charles T. Garner
Chief Financial Officer
Lung Therapeutics,
Inc.
Phone: (737) 802-1979
cgarner@lungtx.com