The company intends to use the funds to advance its lead candidate solabegron into Phase III trials. Solabegron is a novel beta3-adrenoceptor agonist that is in development for the treatment of overactive bladder (OAB).
Led by newly appointed CEO Jim Bennethum, (from Becker Ventures, LLC), and Eliot Ohlstein, Co-founder, Chief Scientific Officer and Head of R&D, AltheRx also formed a new Board of Directors including:
– Charles E. Becker, Chairman of Becker Ventures, LLC, who will serve as Chairman of the Board.
– Jeffrey O’Donnell, Managing Director of BioStar Ventures, will serve as Vice Chair of the Board.
– Anthony Zook, who previously served as an Executive Vice President of Commercial Operations of AstraZeneca, CEO of AstraZeneca North America, Executive Vice President of Global Marketing of AstraZeneca, and President of MedImmune Inc.