Elevation Pharmaceuticals, Inc., a San Diego, California-based biopharmaceutical company focused on the development of new aerosol therapies for patients with respiratory diseases, closed a $30m tranched Series A financing.
Investors include Canaan Partners, TPG Growth, Care Capital, and Mesa Verde Venture Partners.
In conjunction with the financing, Elevation has added to its board of directors Brent Ahrens, General Partner at Canaan, Heather Preston, Managing Director at TPG Biotech, and Jan Leschly, Chairman and Partner at Care Capital.
Existing directors include co-founders Cam Garner, Chairman, and Bill Gerhart, President and Chief Executive Officer.
As stated by Mr. Gerhart, the new funds will enable the company to development its first candidate through mid-stage clinical trials as well as begin development of a pipeline of product candidates targeted at underserved patient subpopulations with respiratory disease.
Elevation’s lead candidate (EP-101) is a long-acting bronchodilator targeted at patients with chronic obstructive pulmonary disease (COPD), which is largely by smoking.
In order to develop EP-101 in combination with an Investigational eFlow Nebulizer system, a portable high efficiency nebulizer customized for delivery of Elevation drug candidates, the company has partnered with PARI Pharma. The combination of EP-101 and the shorter treatment times offered by the eFlow technology is expected to significantly reduce the treatment burden and improve clinical outcomes for COPD patients requiring nebulizer therapy.