NEW YORK--(BUSINESS WIRE)--Remedy Pharmaceuticals, a clinical stage pharmaceutical company focused on the development and commercialization of an innovative drug, CIRARA™, announced today that it completed a $9 million financing. The round was led by several new investors and included participation from existing investors. New investors include Vertical GP-5, LLC, an affiliate of The Vertical Group, a venture capital firm focused on medical technology and biotechnology.
"While the ending to this story is yet to be written, CIRARA could be the answer to one of the most vexing problems in healthcare today: stroke," says Tony Chou, MD, General Partner at The Vertical Group. "CIRARA could save lives and improve outcomes for millions. We've followed Remedy for the last several years and are pleased to be a part of their future."
"Remedy brings hope to people around the world affected by stroke," notes Remedy investor Ed Woolard, former CEO of E. I. du Pont de Nemours and Company (NYSE: DD) and past Chairman of the Board of Apple Inc. (NASDAQ:APPL). "I'm thrilled to a part of this exciting and unfolding story."
"Funds will be used to accelerate the company's pathway to a phase 3 study in severe stroke," states Sven Jacobson, CEO of Remedy Pharmaceuticals. "We view the capital raise as validation of our team and our going-forward plan."
CIRARA is a patented, high affinity inhibitor of Sur1-Trpm4 channels suitable for intravenous delivery at the bedside or even in an ambulance. CIRARA uses our proprietary, patented MPD™ technology. CIRARA is an investigational drug for severe stroke and is not approved by FDA.
ABOUT REMEDY PHARMACEUTICALS
Remedy Pharmaceuticals, Inc. is a privately-held, clinical stage pharmaceutical company focused on bringing life saving treatment to millions of people affected by acute central nervous system conditions -- including stroke, traumatic brain injury, spinal cord injury, as well as other ischemic injuries and neurological disorders.