Remedy Pharmaceuticals, a NYC-based clinical stage pharmaceutical company focused on the development and commercialization of CIRARA™, a drug for severe stroke, completed a $9m financing round.
Backers included new investors Vertical GP-5, LLC, an affiliate of The Vertical Group, as well as Ed Woolard, former CEO of E. I. du Pont de Nemours and Company (NYSE: DD) and past Chairman of the Board of Apple Inc. (NASDAQ:APPL).
The company intends to use the funds to accelerate the pathway to a phase 3 study in severe stroke.
Led by Sven Jacobson, CEO, Remedy Pharmaceuticals focuses on advancing drugs for acute central nervous system conditions including stroke, traumatic brain injury, spinal cord injury, as well as other ischemic injuries and neurological disorders.
CIRARA uses its proprietary, patented MPD™ technology to deliver an inhibitor of Sur1-Trpm4 channels suitable for intravenous delivery at the bedside or even in an ambulance. It is an investigational drug for severe stroke and is not approved by FDA.