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MHT's Julie Donnelly: Pharmaceuticals find drug development partners in colleges
Funding drugs for rare diseases
MHT's Julie Donnelly: Life science startups finding investments
Logical Therapeutics Inc., a biotechnology firm in Waltham, has closed a $16.9 million Series C equity funding, the company announced today. The financing was led by return backer SV Life Sciences, as well as Burrill & Company, Novo A/S and Novitas Capital.
A filing with the U.S. Securities and Exchange Commission, reported on Monday, indicated that the company had raised $10 million of the $16.9 million round at the time.
The financing will support Logical Therapeutics’ development of its Bio-activated Technology, a platform designed to alter the chemical composition of non-steroidal anti-inflammatory drugs, taken for osteoarthritis and rheumatoid arthritis, for the sake of lowering the drugs’ gastrointestinal side effects. Its lead compound, LT-NS001, an anti-inflammatory drug candidate, is currently in a Phase 2b/3 clinical study, which is expected to close later this year.
Waltham-based Logical Therapeutics officials noted in the release that the company plans to find a business partner before commercializing LT-NS001.
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