Vascular Pharmaceuticals, Inc., a Chapel Hill, NC-based clinical-stage pharmaceutical company addressing the complications of diabetes, raised an additional $9.0m in Series A financing.
The round was led by Lumira Capital, and one unnamed investor, with participation from existing investors Intersouth Partners and MPM Capital. In conjunction with the funding, Beni Rovinski, PhD, Managing Director of Lumira Capital, will join VPI’s Board of Directors.
The company, which has now raised $25m in the round, plans to use the proceeds to fund the ongoing Phase 2 clinical trials of VPI-2690B for the treatment of diabetic nephropathy.
Led by Richard Shea, President and Chief Executive Officer, Vascular Pharmaceuticals develops VPI-2690B for complications of diabetes such as diabetic nephropathy.
VPI-2690B targets the αVβ3 integrin receptor which is involved in aberrant cellular signaling that occurs in the presence of high glucose and leads to damage to several key cell types involved in maintaining kidney filtration.
The company has an agreement with Janssen Biotech, which grants Janssen the exclusive right, at Janssen’s discretion, to acquire Vascular Pharma following the completion of a planned Phase 2 clinical study of VPI-2690B upon pre-negotiated terms and conditions set forth in the agreement.