The mission to move forward with addressing complications for diabetic patients, specifically diabetic nephropathy that leads to kidney disease, continues Tuesday with an increase in Series A funding (a $9 million addition that brings the total to $25 million) for the clinical-stage pharmaceutical company Vascular Pharmaceuticals, Inc. (VPI).
According to a press release, existing investors Intersouth Partners and MPM Capital joined up with the lead investor Lumira Capital and one unnamed party for the contribution. Also, Beni Rovinski, PhD, Managing Director of Lumira Capital, will join VPI’s Board of Directors.
Rovinski said, “I am very impressed with VPI’s innovative technology which has the potential to have a significant impact on the treatment of diabetic nephropathy, a disease with limited treatment options. I am looking forward to working with the VPI team to advance the development of this important product.”
As the release states:
VPI plans to use the proceeds to fund the ongoing Phase 2 clinical trials of VPI-2690B for the treatment of diabetic nephropathy. VPI-2690B was found to be safe and well tolerated in a Phase I combination single and multiple dose escalation study conducted in healthy volunteers.
Once VPI has completed the planned Phase 2 clinical study of VPI-2690B, Janssen Biotech, Inc. will have the exclusive rights for acquisition of the company.
“We are delighted that a leading life sciences investor, with significant expertise in the renal area, shares the enthusiasm of our current investors and values the potential of VPI-2690B,” said Richard Shea, President and Chief Executive Officer of Vascular Pharmaceuticals. “Our Phase 2 program is currently enrolling at more than 40 US sites, and we feel Beni’s drug development and operational experience will prove invaluable as we continue to move VPI-2690B through clinical development.”
