A small biotech based in the suburbs of Philadelphia has rounded up $10 million from investors to help fund clinical trials of a new therapy to help people control their breathing. Galleon Pharmaceuticals, which was tapped by GlaxoSmithKline's SR One investment arm a few years ago as one of the most promising start-up biotechs in the country, believes that it is on track to develop a new therapeutic drug class to treat breathing problems like sleep apnea and COPD.
According to MedCity News, Galleon launched back in 2005 with a $500,000 seed round from the BioAdvance Biotechnology Greenhouse of Southeastern Pennsylvania. The biotech got started with technology licensed from the University of Louisville's Dr. David Gozal. Galleon is run by Jim Mannion, a longtime biopharma excutive with experience running clinical trials and in business development.
While background information on the company is sparse, Galleon reportedly raised a $15 million B round from Morgenthaler Ventures and a partner at Morgenthaler, Ralph Christoffersen, who holds a board seat. The new round was revealed in a filing with the SEC.
- here's the story from MedCity News