Catabasis Pharmaceuticals has received an additional $8 million in Series A financing, bringing the total amount raised to $47.6 million.
Investors that participated in the financing include SV Life Sciences, Clarus Ventures, MedImmune Ventures, and Advanced Technology Ventures. The funding will be used to accelerate the development of CAT-2003, the company’s omega-3 conjugated compound for patients with severe hypertriglyceridemia, and move the compound into the clinic in 2012.
“The preclinical data for our hypertriglyceridemia program are compelling and show CAT-2003 provides efficacy compared to omega-3 fatty acids alone in animal models. The additional financing will allow us to take this program through clinical proof of concept in humans,” says Jill C. Milne, PhD, chief executive officer and co-founder of Catabasis.
In October, Catabasis announced the initiation of a Phase 1 clinical trial for CAT-1004. The compound, a novel conjugate of the essential omega-3 fatty acid docosahexaenoic acid and salicylate, is being developed to treat patients with Type 2 diabetes.
Release Date: Dec. 13, 2011