Somnus Therapeutics Closes US$15 Million Series A Financing with CTI Life Sciences and Care Capital
BEDMINSTER, N.J.--(BUSINESS WIRE)--Somnus Therapeutics, Inc., a private specialty pharmaceutical company developing SKP-1041, a delayed-release sleep-maintenance therapy, today announced the completion of a Series A preferred stock financing for approximately US$15 million. The financing was led by CTI Life Sciences Fund with the participation of Care Capital LLC, the company's seed investor.
"We've been pleased with the clinical progress so far and look forward to completing the Phase 2 study and data analysis."
"We're very pleased to become an investor in Somnus," said Jean-François Leprince, managing partner of CTI Life Sciences Fund. "Sleep maintenance is an attractive indication in an underserved market and zaleplon is an excellent choice for delayed-release development. Furthermore, Somnus has a sound strategy, a nimble and efficient business model, and a strong management team."
"We welcome the capital and management expertise of CTI Life Sciences and are also glad to be continuing with Care Capital," said Gary C. Cupit, chief executive officer of Somnus. "The additional infusion of capital will support our SKP-1041 Phase 2 trial, which we believe is progressing well; we anticipate disclosing Phase 2 clinical data in appropriate peer-reviewed forums in 2011. In recognition of the participation of CTI Life Sciences, Jean-François Leprince will become a member of the Somnus board of directors, effective immediately."
David Ramsay of Care Capital said, "We've been pleased with the clinical progress so far and look forward to completing the Phase 2 study and data analysis."
About CTI Life Sciences
CTI Life Sciences Fund, with $100M in committed capital, invests in emerging life sciences companies at the start-up and clinical development stage, primarily in Canada, with a select number of investments in the United States.
SKP-1041 is a new formulation of zaleplon, a non-benzodiazepine hypnotic agent, which utilizes SkyePharma PLC's (LSE:SKP) proprietary GeoclockTM technology for delayed release. The formulation is designed to treat people who have difficulty maintaining sleep but not falling asleep by preventing middle-of-the-night awakening while avoiding residual effects.
In June 2007, Somnus entered into an exclusive license with SkyePharma for the worldwide development and commercialization of SKP-1041. Under the agreement, SkyePharma will formulate and manufacture the product and Somnus will develop and commercialize it.
About Somnus Therapeutics, Inc.
Somnus was founded in 2007 by Gary Cupit and Care Capital, a life sciences venture capital firm. By leveraging a small team of experienced managers with an expert scientific advisory board, clinical research organizations and other outsourced services, Somnus can focus on accelerated clinical development of therapeutics for CNS markets. For more information please visit the Somnus web site at www.somnusthera.com.