Texas startup Lung Therapeutics has got off a $14.3 million series B round as it eyes the cash boost for its trials in fibrosis, lung injury and disease.
Specifically, the new proceeds will help fund its experimental phase 1 therapy LTI-01 in Australia and New Zealand to treat empyema and complicated parapneumonic effusions (CPE), two complications of pneumonia that can involve fibrinous scarring.
It will also go toward what the biotech dubs its “transformative” drug for fibrosis, LTI-03, which is currently in a preclinical stage and targeting idiopathic pulmonary fibrosis, as well as other fibrotic diseases including scleroderma, kidney and cardiac fibrosis.
This series B brings its total external funds raised to $17 million, building on the $27M in non-dilutive funding awarded for discovery research and development for both drug candidates.
The latest round was led by Bios Partners, a life sciences private equity firm based in Dallas/Fort Worth, with existing investor, the UT Horizon Fund, also taking part.
“We are pursuing unique, proprietary treatments that eliminate the need for surgery and ineffective off-label drugs for patients with loculated pleural effusion as well as new drugs for fibrosis indications such as idiopathic pulmonary fibrosis, scleroderma and cardiac fibrosis,” said Brian Windsor, Ph.D, 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.”