Elevation Pharmaceuticals, a San Diego, CA-based biopharmaceutical company focused on the development of new aerosol therapies for patients with respiratory diseases, has drawn down a $17m second tranche of its Series A financing.
Backers include all of the original participants in the round including Canaan Partners, Care Capital, TPG Biotech, and Mesa Verde Venture Partners.
Elevation presented positive results of a Phase 2a study and has initiated a Phase 2b study of EP-101 in patients with moderate to severe chronic obstructive pulmonary disease (COPD). EP-101 is a proprietary inhalation solution formulation of glycopyrrolate, a long-acting muscarinic antagonist (LAMA), delivered by an optimized, Investigational eFlow® Nebulizer System (PARI Pharma GmbH).
The company is led by President and CEO Bill Gerhart and Senior Vice President and Chief Medical Officer Dr. Ahmet Tutuncu, Elevation Pharmaceuticals.