APT raises $32.3 million for inhaled cyclosporine trial
This article was originally published in Scrip
Executive Summary
APT Pharmaceuticals has completed a $32.3 million series B financing round for its serious lung disease programmes. The US speciality drug development company will complete a pivotal Phase III trial evaluating the safety and efficacy of Pulminiq (inhalable cyclosporine), a lung transplant rejection treatment, and to develop its other pipeline programmes. Dr Stephen Dilly, APT president and CEO, said that the money would enable the company to bring inhaled cyclosporine to market and to become a profitable company. It raised $22 million last year for the development of Pulminiq (Scrip Online, October 8th, 2008). The latest financing included Three Arch Partners, InterWest Partners and Pinnacle Ventures. Bill Harrington has joined the APT board of directors, while Nina Kjellson of InterWest and David Kim of Pinnacle have become board observers.