Gemphire Therapeutics, a Northville, Michigan-based developer of LDL-cholesterol lowering drug gemcabene, closed a $2.8m convertible bridge financing.
Backers included Grand Angels and existing angel investors and local funds.
The company will use the funds to continue to fund the initiation of Phase 2b clinical development and manufacturing activities for gemcabene.
Led by Mina Sooch, CEO and President, Gemphire is developing gemcabene as a novel lipid-lowering small molecule to be used as an adjunctive therapy to reduce LDL-C, hsCRP, and TGs.
Gemcabene is an oral drug candidate with pleiotropic properties similar to statins as shown in trials to date. Tf approved, it may treat dyslipidemia patients who are unable to reach optimal LDL cholesterol or triglyceride levels with statin or other therapies.
FinSMEs
03/09/2015