Logical Therapeutics, Inc., a Waltham, MA-based clinical stage biopharmaceutical company focused on the development of bio-activated prodrugs to treat inflammatory conditions such as osteoarthritis and rheumatoid arthritis, had closed a $16.9m Series C equity financing round.
The round was led by existing investor SV Life Sciences, with participation from Burrill & Company, Novo A/S and Novitas Capital.
The company’s proprietary platform, which modifies the chemical structure of NSAIDs (non-steroidal anti-inflammatory drugs), is being developed to significantly reduce the gastrointestinal (GI) side effects often associated with NSAIDs.
Logical Therapeutics’ lead compound, LT-NS001 (naproxen etemesil), is currently being studied in a Phase 2b/3 study, whose completion is expected in late 2010.
The company will use the funds to advance its development program through further clinical and non-clinical activities necessary for registration. It is also seeking a business partner prior to commercialization.