N30 Pharmaceuticals, Inc., a Boulder, Colorado-based biopharmaceutical company focused on the development of therapies for cystic fibrosis (CF), raised $30m in mezzanine financing.
Backers included new investors Wellington Management, RA Capital Management, LLC, Jennison Associates LLC (on behalf of certain clients), Rock Springs Capital Management LP, and Sabby Management, LLC, and existing investor Deerfield Management Company.
The company intends to use the funds to advance its clinical trial program for N91115, a novel inhibitor of S-nitrosoglutathione reductase (GSNOR).
Led by Janice Troha, executive vice president of product development and regulatory affairs, N30 Pharma recently completed a Phase 1 dose-escalation trial of orally administered N91115 in healthy volunteers. In preclinical studies, N91115 has been shown to increase the function of F508del-CFTR, the mutant protein that is estimated to be present in almost 90 percent of CF patients.