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Print Edition StoriesMonday, December 8, 2008
Logical Therapeutics boosts second round to $32.5M
In their own words: Tod Woolf, CEO, RXi Pharmaceuticals Corp.
Live from BIO 2008: Josh Boger, president and CEO, Vertex Pharmaceuticals Inc.
Biotechnology company Logical Therapeutics Inc. expanded its Series B round by $2.7 million from inside investors to increase its manufacturing operations and add a new product.
In 2007, the developer of anti-inflammatory therapies raised about $30 million for its Series B round. However, in October, it increased that amount to approximately $32.5 million to broaden its manufacturing for future studies and to go to market by 2011, said president and COO Carolyn Green. Among the Series B investors is Boston-based venture capital firm SV Life Sciences.
Green said the additional funds will see Logical Therapeutics through the fourth quarter of 2010. The company is also seeking to buy a new inflammatory-targeted therapy in the next nine months, which could require additional capital.
In September, the company announced it had begun a study of its drug LT-NS001, a treatment for pain, inflammation, fever, and arthritis. The test was a double blind, randomized, active-controlled, multinational study of LT-NS001. This novel prodrug is converted in the bloodstream to naproxen, a non-steroidal anti-inflammatory drug (NSAID). The class of NSAIDs is the most common medication for the treatment of pain, inflammation, fever and arthritis, including both rheumatoid arthritis and osteoarthritis, the company claimed.
In September, Logical Therapeutics also announced the resignation of founding CEO Mitchell Fink.
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