An intriguing and well-connected Connecticut-based startup helmed by an experienced team of biopharma executives just nailed a $6.6 million A round, helped by a state venture arm along with some Ivy League funding from Yale University. And the biotech is already laying out a near-term plan to gain its first drug approval.
"We are delighted to join our investment partners in supporting the growth of one of Connecticut's newest and most exciting bioscience startups, New Haven Pharmaceuticals," said Claire Leonardi, chief executive officer and executive director of Connecticut Innovations, a quasi-public group aimed at kickstarting new tech ventures. "We have a high degree of confidence in the company's seasoned team and its ability to execute on its plan to develop and commercialize a line of pharmaceuticals which includes a cardiovascular product near NDA submission."
EJ Funds, Kuzari Group and Advantage Capital Partners contributed to the round.
The team is led by CEO Patrick Fourteau, the former CEO at Shionogi and Sciele. Harry Penner, a pharma vet who's founded 6 biotechs, is co-founder and chairman. The regulatory affairs chief is Nancy Motola, who has several approvals on her resume.
Together they're plotting to file NHP-554C for approval in 2013, with a 2014 launch in mind. Using Yale technology, the company has created an amped-up aspirin with 24-hour time release to prevent cardiovascular events, such as stroke. Another project for NHP-229 is designed to reduce levels of stomach acid.
- here's the press release