Connecticut Innovations Makes $1.5 Million Investment in New Haven Pharmaceuticals Inc.
Company is developing new cardiovascular therapy and products for GERD
Rocky Hill, Conn., October 29, 2012 - Connecticut Innovations (CI), the state's quasi-public authority responsible for growing Connecticut businesses through innovative financing tools and assistance, today announced that it has made a $1.5 million investment in New Haven Pharmaceuticals Inc. (NHP) of New Haven, Conn., through its Eli Whitney Fund. CI's investment was part of a $6.6 million Series A funding round also involving EJ Funds, Kuzari Group, Advantage Capital Partners, Yale University, and individual investors.
NHP is developing proprietary prescription pharmaceuticals that utilize currently marketed drugs or generally recognized as safe (GRAS) active pharmaceutical ingredients (APIs) for use in therapeutic applications. The company's products employ proprietary, oral, controlled-release technologies, as well as intellectual property licensed from Yale University, which will enable optimal dosing, safety, efficacy and patient convenience.
"We are delighted to join our investment partners in supporting the growth of one of Connecticut's newest and most exciting bioscience startups, New Haven Pharmaceuticals," said Claire Leonardi, chief executive officer and executive director of CI. "We have a high degree of confidence in the company's seasoned team and its ability to execute on its plan to develop and commercialize a line of pharmaceuticals which includes a cardiovascular product near NDA submission."
"Based on my many years of experience successfully launching and commercializing new drugs, there is significant commercial opportunity not only for our lead product, but also for the other products NHP plans to develop," said NHP President & CEO, Patrick Fourteau. "My plan is to build NHP into a successful specialty pharmaceuticals company which generates both a generous return for its investors and jobs for our home state."
"We have been extremely fortunate to bring together in NHP exciting product opportunities, a highly experienced management team with a strong record of commercial success, and a very committed investor base," said Harry H. Penner, Jr., NHP's Executive Chairman and co-founder.
NHP's most advanced product candidate, NHP-554C, is initially being developed as a prescription, anti-platelet therapy for the secondary prevention of stroke and acute cardiovascular events in patients who have had a previous such event.
The company is also developing products based on Yale University technology that will lower stomach acid, alone, or in combination with other drugs. A target patient population for such products is persons suffering from gastro-esophageal reflux disease (or GERD).
NNHP is led by a highly experienced team that includes Patrick Fourteau, its President & Chief Executive Officer, who previously served as president and chief executive officer of Shionogi Pharma and Sciele Pharma, president of Ventiv Health Sales, president international of St. Jude Medical, and vice president of Eastern Europe, Middle East and Africa at Eli Lilly & Co.; Harry H. Penner, Jr., its co-founder and Executive Chairman, who previously founded or co-founded six other biotechnology companies in Connecticut, has served as chief executive officer of Neurogen Corporation, Marinus Pharmaceuticals, and Nascent BioScience, and held executive positions with Novo Nordisk A/S and Novo Nordisk of North America; and Nancy Motola, Ph.D., R.A.C., its vice president of regulatory affairs, who has gained multiple FDA approvals, and previously held executive positions in regulatory affairs at Bayer, Alexion Pharmaceuticals, and Rib-X Pharmaceuticals.
Daniel Wagner, CI managing director of investments, represents CI on the NHP board of directors, which also includes Larry illaha, MD, Chief Medical Officer at Insys Therapeutics and representing EJ Funds, and William Sessa, PhD, Professor of Pharmacology at Yale University, in addition to CEO Fourteau and Chairman Penner.
About Connecticut Innovations Inc.. Connecticut Innovations (CI) is a quasi-public corporation providing equity, debt and bond financing and other forms of financial assistance to companies in all stages of the business life cycle, from startup to later stage. CI offers its portfolio companies strategic guidance and collaborations with partners in business, finance, education, government and nonprofit sectors. CI's initiatives are designed to grow the state's economic and technology base, and to stimulate business investments and job creation. For more information on CI, please visit www.ctinnovations.com.
About New Haven Pharmaceuticals Inc. New Haven Pharmaceuticals, Inc. (NHP) is a specialty pharmaceuticals company developing new prescription drug products based on proprietary controlled release technology and technology licensed from Yale University. For more information on NHP, please visit www.newhavenpharma.com.