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Print Edition StoriesThursday, July 23, 2009
SynDevRx socks away $570K in funding
By Mass High Tech Staff
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Anti-angiogenesis startup SynDevRx Inc. has taken in $570,000 of a planned $1.57 million funding round, according to federal documents.
Cambridge-based SynDevRx lists a total of 11 backers in the filing with the U.S. Securities and Exchange Commission, but doesn’t identify them. The company had said in March that it was looking to close a Series A round of $4 million, but federal documents show no other round except for a seed funding in January.
SynDevRx is developing two drugs, Caplostatin and Lodamin, that target an enzyme that controls the vascular cells, based on a drug called TNP-470, that was discovered accidentally in Judah Folkman’s lab at Children’s Hospital Boston in 1990.
The next year Japan-based Takeda Pharmaceutical Co. Ltd. licensed the compound and took over its development. Takeda abandoned it in 2001 because of its physical limitations -- for instance, it didn’t mix with water. Folkman’s lab then took it and developed a polymer version of TNP-470 called Caplostatin, which compensated for prior shortcomings. SynDevRx, founded in 2007, is now developing it to the clinical proof-of-concept stage.
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