Laguna Pharmaceuticals, (previously known as ChanRx), a La Jolla, California-based biopharmaceutical company, completed a $30m Series B financing.
The round was led by Versant Ventures and Frazier Healthcare with participation from BioMed Ventures and Series A investor Sante Ventures. In conjunction with the financing, Jerel Davis, Ph.D., from Versant Ventures and Jamie Topper, M.D., Ph.D., from Frazier Healthcare will join Laguna Pharmaceuticals’ board of directors.
The company intends to use the funds to progress Phase 3 clinical development of its lead compound, vanoxerine, a therapeutic drug candidate for the treatment of atrial fibrillation (AF) and atrial flutter (AFL).
Led by co-founder and chief medical officer Howard Dittrich and newly named CEO Bob Baltera, Laguna Pharmaceuticals is advancing vanoxerine, a Phase 3 ready therapeutic candidate for treatment of atrial fibrillation, the most common form of heart arrhythmia, and atrial flutter.
In a Phase 2b clinical study, the candidate demonstrated statistically significant improvement in converting from atrial fibrillation to normal sinus rhythm – with response rates for a 400 mg dose approaching those typically achieved with direct current cardioversion.
In clinical studies conducted to date, it has demonstrated positive safety and tolerability.