Velicept Therapeutics, Inc., a Malvern, PA-based clinical development company, closed on the first tranche of a $21m Series B financing.
The round was led by CAM Capital and Longitude Capital.
The company intends to use the funds to advance the Phase II development of solabegron, a highly selective beta 3-adrenoceptor agonist for the treatment of overactive bladder (OAB).
Led by Dr. James Walker, President and Chief Executive Officer, Velicept is a clinical development company focused on advancing solabegron, a novel compound being investigated for overactive bladder (OAB) and irritable bowel syndrome (IBS).
It was discovered and first developed by GlaxoSmithKline and acquired by AltheRx, which merged with Velicept in 2015 to continue its development of solabegron.
In conjunction with the deal, the company announced its Board of Directors, which includes:
– Steve Tullman, Managing Partner of NeXeption, Inc., who will serve as the Chairman of the Board.
– James Walker, President and CEO of Velicept;
– Jim Bennethum, Executive Vice President of Becker Ventures;
– David Hirsch, Founder and Managing Director of Longitude Capital; and
– Scott Morenstein, Managing Director, Life Sciences Investing of CAM Capital.