Elevation Pharmaceuticals, Inc., a San Diego, California-based biopharmaceutical company developing new inhaled therapies for patients with respiratory disease, has closed a $30m Series B financing.
The round was led by new investor Novo Ventures, with participation from all existing investors, including Canaan Partners, TPG Biotech, Care Capital and Mesa Verde Venture Partners.
The company intends to use the capital to develop its new aerosol therapy for patients living with chronic obstructive pulmonary disease (COPD).
Led by President and CEO Bill Gerhart, Elevation Pharmaceuticals has completed enrollment of its multi-center Phase 2b clinical trial, GOLDEN-1 (Glycopyrrolate for Obstructive Lung Disease via Electronic Nebulizer), to evaluate EP-101, its proprietary inhalation solution formulation of glycopyrrolate, in patients with moderate-to-severe COPD. A second Phase 2b study is planned for 2012 in order to confirm the optimal dose and dosing regimen for Phase 3 studies.
The Series B financing will allow Elevation to complete all activities sufficient to initiate Phase 3 studies by the end of 2013.
In conjunction with this financing, Heath Lukatch, Ph.D., a Partner at Novo Ventures, Novo A/S, has joined Elevation’s board of directors.