BOULDER, Colo., Nov. 19, 2014 /PRNewswire/ -- N30 Pharmaceuticals, Inc. ("N30 Pharma"), a clinical-stage, biopharmaceutical company focused on the development of therapies for cystic fibrosis (CF), has raised $30 million in a mezzanine round of financing. New investors include Wellington Management, RA Capital Management, LLC, Jennison Associates LLC (on behalf of certain clients), Rock Springs Capital Management LP, and Sabby Management, LLC, who joined existing investor, Deerfield Management Company, LP. Cowen & Company acted as sole placement agent for the financing.
Proceeds from the financing will primarily be used to advance the Company's clinical trial program for N91115, 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. N91115 was well tolerated over the 14 days of dosing, and 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.
"We are proud to be backed by this impressive group of new and existing investors, and to advance the clinical trial program for N30 Pharma's lead compound, N91115, in the treatment of cystic fibrosis," said Howard Furst, M.D., chairman of the board of directors of N30 Pharma and partner at Deerfield. "N91115 is the first oral GSNOR inhibitor to enter clinical development, representing an important step towards identifying treatments to address a disease with significant unmet need."
"We sincerely appreciate the support of all our investors and their confidence in our ability to develop this first-in-class therapy for CF," said Janice Troha, executive vice president of product development and regulatory affairs at N30 Pharma.
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.