BOULDER, Colo., Feb. 3, 2015 /PRNewswire/ -- N30 Pharmaceuticals, Inc. ("N30 Pharma"), a clinical-stage pharmaceutical company focused on the development of product candidates for cystic fibrosis (CF), announced today that R. Michael Carruthers has been appointed to the position of chief financial officer (CFO).
Mr. Carruthers brings more than 25 years of executive-level financial expertise to N30 Pharma. Most recently, Mr. Carruthers served on Array BioPharma Inc.'s executive team as the CFO, where he executed the company's initial public offering and multiple follow-on equity and debt fund raises. Mr. Carruthers is also experienced in strategic planning and managing organizations through rapid growth, and with transactions and negotiations involving partnering, licensing, drug discovery and clinical development. Prior to joining Array, Mr. Carruthers served as CFO of Sievers Instrument, Inc., and before joining Sievers was the treasurer and controller for the Waukesha division of Dover Corporation. Mr. Carruthers was previously employed as an accountant with Coopers & Lybrand, LLP. Mr. Carruthers received a B.S. in accounting from the University of Colorado and a M.B.A. from the University of Chicago.
"Mike has an outstanding track record, with extensive experience in fund raising and other strategic initiatives for clinical-stage life sciences companies," said Jon Congleton, president and chief executive officer of N30 Pharma. "We welcome him to our team, and believe that his capabilities and expertise will greatly benefit N30 Pharma as we pursue our clinical and business objectives."
N30 Pharma recently secured approximately $31 million in a private placement of its preferred stock. Proceeds from the financing will be used primarily to advance the Company's clinical development program for its lead product candidate N91115, which the Company is currently developing for patients with CF in a Phase 1 clinical trial.
"I am thrilled to be joining a company with a novel approach to treating CF that may one day improve the lives of patients, and I look forward to helping fulfill the potential behind the science," said Mr. Carruthers.
N91115 is a novel inhibitor of S-nitrosoglutathione reductase (GSNOR). N30 Pharma recently completed a Phase 1 dose-escalation trial of orally administered N91115 in healthy volunteers. No dose limiting toxicities were identified by the data monitoring committee for the trial. Trials in CF patients with the F508del-CFTR mutation are now underway. In preclinical studies, N91115 has been shown to increase the function of F508del-CFTR, the mutant protein that is estimated to be present in almost 90 percent of CF patients.
About Cystic Fibrosis
CF is a life-threatening, genetic disease that primarily affects the lungs and digestive system. According to the Cystic Fibrosis Foundation (www.cff.org), an estimated 30,000 children and adults in the United States and 70,000 people worldwide have CF.
CF is characterized by a defect in the chloride channel of human cells known as the "cystic fibrosis transmembrane conductance regulator," or CFTR, which is caused by a mutation of the CFTR gene. CFTR is critical for the adequate hydration of the lungs and other organs of the body.
Researchers have identified more than 1,800 mutations in the CF gene, and it is estimated that approximately 48 percent of CF patients in the United States have two copies of the F508del-CFTR mutation, and an additional 39 percent have one copy of this mutation.
As a consequence of the mutation in the F508del-CFTR gene, patients produce a defective form of CFTR protein that fails to adequately transport fluid. With N91115, N30 Pharma aims to increase CFTR function and restore proper hydration to critical organs, particularly the lungs.
About N30 Pharmaceuticals, Inc.
N30 Pharma (www.n30pharma.com) is a privately held, clinical-stage pharmaceutical company headquartered in Boulder, Colorado. It is the first company to discover and develop small molecules targeting GSNOR. N30 Pharma is dedicated to making a difference in the lives of patients with cystic fibrosis and their families.
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SOURCE N30 Pharmaceuticals, Inc.