Levo Therapeutics Announces Completion of Series A Financing
Proceeds to finance development of carbetocin and pipeline programs in PWS
CHICAGO, IL, August 11, 2017 (Newswire.com) - Levo Therapeutics, Inc. announced today that it has completed a Series A financing, co-led by Samsara BioCapital and an undisclosed healthcare investment fund.
Levo also announced that it has executed a worldwide license agreement with Ferring Pharmaceuticals to develop intranasal carbetocin for Prader-Willi syndrome (PWS), building on Ferring’s encouraging proof-of-concept data from a randomized, multi-center Phase 2 trial.
Proceeds from the financing will support a pivotal study of LV-101 (intranasal carbetocin) in PWS starting in 2018. In addition, Levo will continue to develop an earlier stage pipeline that builds on emerging science of metabolic hormone regulation in PWS.
“This is an important step towards addressing the serious unmet need that exists in Prader-Willi syndrome,” said Sara Cotter, CEO of Levo Therapeutics. “With high-quality healthcare investors and a suite of novel programs, we are well positioned to develop impactful therapies for this challenging condition.”
“Levo has assembled a unique pipeline that capitalizes on the improving understanding of Prader-Willi syndrome pathophysiology,” stated Mike Dybbs, Ph.D., Partner at Samsara BioCapital. “We are excited to partner with Sara and the Levo team to help advance these important programs that have the potential to make a difference in the lives of PWS patients and their families.”
About Prader-Willi Syndrome (PWS)
Prader-Willi syndrome (PWS) is a complex, multisystem neurodevelopmental disorder that occurs in approximately 1 in 16,000 births1. The underlying cause of PWS is the lack of expression of paternally inherited imprinted genes on chromosome 15q11-q13. These genetic anomalies lead to a distinctive phenotype reflecting a false state of starvation, including mild to moderate levels of intellectual disability, compulsivity, growth hormone deficiency, life-threatening hyperphagia, and high risk of obesity.
About Levo Therapeutics, Inc.
Levo Therapeutics is dedicated to advancing treatments for Prader-Willi syndrome and related disorders. To learn more about Levo, please visit www.levotherapeutics.com.
For further information:
Levo Therapeutics, Inc.
1Burd L, Vesely B, Martsolf J, Kerbeshian J. Prevalence study of Prader-Willi syndrome in North Dakota. Am J Med Genet. 1990; 37:97-9.
Source: Levo Therapeutics, Inc.