MALVERN, Pa.--(BUSINESS WIRE)--Velicept Therapeutics, Inc. announced today it has closed on the first tranche of a $21 million Series B financing. The proceeds of the financing will be used to advance the Phase II development of solabegron, a highly selective beta 3-adrenoceptor agonist for the treatment of overactive bladder (OAB). The Series B financing was led by CAM Capital and Longitude Capital.
"Solabegron is a novel, differentiated compound that has shown significant improvement in the first Phase II study for the treatment of OAB, a large and growing global market," said Dr. James Walker, Velicept President and Chief Executive Officer. "The primary focus of our capital in the near term will be to advance solabegron through a dose ranging Phase II study to explore higher doses of solabegron in OAB."
Solabegron was discovered and first developed by GlaxoSmithKline. It was acquired by AltheRx, which merged with Velicept in 2015 to continue the development of solabegron. Velicept has an experienced team of pharmaceutical and biotechnology executives with a proven track record of developing, registering and commercializing new products.
Velicept Board of Directors
With this financing, Velicept announced the full Board of Directors. Steve Tullman, Managing Partner of NeXeption, Inc. will serve as the Velicept Chairman of the Board. Board Directors include James Walker, President and CEO of Velicept; Jim Bennethum, Executive Vice President of Becker Ventures; David Hirsch, Founder and Managing Director of Longitude Capital; and Scott Morenstein, Managing Director, Life Sciences Investing of CAM Capital.
Solabegron is a highly differentiated and selective compound that relaxes the bladder smooth muscle by stimulating beta 3-adrenoceptors. A Phase II study of solabegron in moderate to severe overactive bladder (OAB) demonstrated a significant improvement with solabegron as compared to placebo, as measured by reduction of the number of wet episodes and the number of daily voids.
A Phase II study for irritable bowel syndrome (IBS) demonstrated significant reduction in pain associated with the disorder and a trend for greater improvement in the quality of life.
Both Phase II studies indicated a tolerability profile for solabegron that was similar to placebo.
Velicept Therapeutics, Inc. is a privately held, clinical development company focused on advancing best-in-class compounds with the potential to fill unmet medical needs. Its lead program, solabegron, is a highly differentiated novel compound being investigated for overactive bladder (OAB) and irritable bowel syndrome (IBS). Velicept is a portfolio company of NeXeption. For more information, visit www.velicept.com.