Healthcare Industry News: diabetes
News Release - January 4, 2018
Neurogastrx, Inc. Raises $45M Series A To Bring Lead GI Candidate Through Proof Of ConceptJIM O'MARA NAMED CHIEF EXECUTIVE OFFICER
BOSTON, Jan. 4, 2018 -- (Healthcare Sales & Marketing Network) -- Neurogastrx, Inc., a private biopharmaceutical company focused on discovering and developing therapies for gastrointestinal disorders affecting the enteric nervous system, today announced a transformative $45M Series A financing co-led by 5AM Ventures, OrbiMed Advisors and venBio Partners. The funds will allow the company to fill out the management team and reach proof of concept with its lead asset, NG-101, which is intended to treat gastroparesis, a debilitating functional GI disorder. In conjunction with the financing, Jim O'Mara has been appointed CEO, and Klaus Veitinger, Venture Partner at OrbiMed Advisors, will become Chairman of the Board. David Allison of 5AM Ventures, Aaron Royston of venBio and Kevin Koch will be joining the board of directors. The company is also relocating its headquarters to the greater Boston area.
Jim O'Mara stated, "This is an incredible opportunity for us to drive our lead asset to proof of concept without the distraction of having to raise additional funds. Our sole focus is on creating a robust data package to validate the utility of NG-101."
The hallmarks of gastroparesis are nausea, vomiting, early satiety, abdominal pain and bloating. "The constellation of symptoms from which these patients suffer all originate from the gut-brain axis, the pathway by which the enteric nervous system communicates with the brain," said Cyril De Colle, Founder and Chief Scientific Officer. "NG-101 modulates receptors within this pathway, which we believe will improve these symptoms."
Gastroparesis is a highly prevalent syndrome characterized by delayed gastric emptying in the absence of mechanical obstruction of the stomach and often severe nausea. The condition is very difficult to treat with no adequate treatment options. The specific cause of gastroparesis is unknown; however, many cases are symptoms of other diseases such as diabetes mellitus, Parkinson's disease, multiple sclerosis, or scleroderma.
About Neurogastrx, Inc.
Neurogastrx is a private biopharmaceutical company focused on discovering and developing transformative therapies for gastrointestinal disorders affecting the enteric nervous system. For more information, please visit www.neurogastrx.com.
About 5AM Ventures
Founded in 2002, 5AM actively invests in next-generation life science companies. With ~$1 billion under management, 5AM has invested in 65 companies and successful exits which include Audentes Therapeutics, Cidara Therapeutics, DVS Sciences (acquired by Fluidigm), Envoy Therapeutics (acquired by Takeda), Flexion Therapeutics, Ikaria (acquired by Mallinckrodt), Ilypsa (acquired by Amgen), Incline Therapeutics (acquired by The Medicines Company), Marcadia Biotech (acquired by Roche), Novira Therapeutics (acquired by J&J), Pearl Therapeutics (acquired by AstraZeneca), Relypsa (acquired by Galenica), and scPharmaceuticals.
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with over $14 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed's team of more than 90 employees manages a series of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in San Francisco, Shanghai, Mumbai and Herzliya.
About venBio Partners
venBio Partners is a life sciences investment firm that partners with industry leaders to build and invest in innovative medicines and technologies, with a focus on novel therapeutics for unmet medical needs. See: www.venbio.com.
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