Variant Pharmaceuticals, Inc., a Weston, Fla-based clinical stage orphan drug company developing drugs for patients with rare diseases, secured $10m in financing.
Korean company Incon made the investment in exchange for equity ownership.
The company intends to use the funds to advance clinical and non-clinical development of VAR 200 (2HPβCD), including production of clinical supplies, execution of the Phase 2a trial in patients with FSGS, and support for expanded access and subcutaneous delivery initiatives, and hire select people.
Established in 2014 by Stephen C. Glover, Chairman and CEO, Variant Pharmaceuticals is a clinical stage orphan drug company focusing on advancing 2-hydroxypropyl-β-cyclodextrin (2HPβCD) for chronic treatment of two orphan indications, Focal Segmental Glomerulosclerosis (FSGS) and Alport Syndrome (AS), rare progressive forms of kidney disease.
Associated with the investment, Incon has been granted a period of exclusivity to negotiate the rights to sell and distribute Variant’s renal pipeline compounds (VAR 200, VAR 300 and VAR 400) in certain Asian countries, excluding Japan and Australia.
Additionally, Incon has been awarded a seat on Variant’s Board of Directors, and Glover join Incon’s Board of Directors.