Monday, August 22, 2011

Connecticut’s Thetis Pharmaceuticals gains $1.5M seed investment

By James M. Connolly

Diabetes drug development company Thetis Pharmaceuticals LLC of Southport, Conn., has raised $1.5 million in a seed investment round, according to a release from Connecticut Innovations, which contributed $500,000 to the round.

The round also involved Stonehenge Partners and angel investors. Connecticut Innovations made its investment through the state’s Seed Investment Fund.

Thetis is focused on type 2 diabetes, and is working to advance its TP101, which is a new molecular entity that chemically combines metformin, the standard of care in type 2 diabetes, with the principal component from omega-3 polyunsaturated fatty acids. According to the press release, TP101 uniquely targets both glycemic and lipid control in diabetes patients and has the potential to address cardiovascular complications.

The company said it expects to begin clinical studies with TP101 in 2012.

Thetis is led by Frank Sciavolino, an R&D executive who previously held leadership positions at Pfizer, working with the Zithromax and Celebrex product lines. David Wurzer, CI managing director of investments, will represent CI on Thetis’s board of directors.

CI’s most recent investment was a $1 million in newly-relocated LiveClips, which moved from New York to Stamford.