Catabasis Pharmaceuticals, a biopharmaceutical company developing novel therapeutics for the treatment of inflammatory and metabolic diseases, today announced it has completed a $39.6 million Series A financing led by SV Life Sciences, Clarus Ventures, and MedImmune Ventures. Also participating in the round is Advanced Technology Ventures. Proceeds from the financing will be used to advance Catabasis' lead program targeting type 2 diabetes, and to further the development of the company's proprietary platform technology in additional inflammatory and metabolic diseases.
“We are pleased to have co-led the A round of financing for Catabasis. There remains a significant unmet need in terms of the treatment of the inflammatory component of type 2 diabetes, which affects almost 24 million people in the U.S.”
Catabasis was founded in 2008 by two experienced executives and drug developers Jill Milne, Ph.D., Catabasis' chief executive officer, and Mike Jirousek, Ph.D., Catabasis' chief scientific officer, as well as Steven Shoelson, M.D., Ph.D., Harvard Medical School and Joslin Diabetes Center, on an approach that focuses on targeting inflammation to treat complex human diseases. Dr. Shoelson is an internationally recognized expert in diabetes research and has authored several recent studies showing that salsalate - a prodrug form of salicylate with anti-inflammatory activity - improves glucose homeostasis in people living with type 2 diabetes. These insights are a key area of focus for Catabasis.
"Catabasis is using its novel, proprietary SMART-linker technology platform to develop potent and effective medicines to treat inflammation by harnessing the therapeutic potential of salicylate and the beneficial effects of omega-3 fatty acids to simultaneously inhibit pro-inflammatory pathways and activate anti-inflammatory pathways," stated Jill Milne, Ph.D., co-founder and chief executive officer of Catabasis Pharmaceuticals. "We are very pleased to have the support of this top-tier venture syndicate and resources to rapidly advance our platform and our pipeline. Based on our progress to date, we expect to file an investigational new drug application in 2011."
"We are pleased to have co-led the A round of financing for Catabasis. There remains a significant unmet need in terms of the treatment of the inflammatory component of type 2 diabetes, which affects almost 24 million people in the U.S.," said Mike Ross, managing partner at SV Life Sciences. "Both Jill Milne and Mike Jirousek, co-founders of Catabasis, bring deep scientific expertise and successful track records to the company's management team."
Omega-3 fatty acids (DHA/EPA) have shown clinical utility in a wide range of human diseases including atherosclerosis, dyslipidemia and other inflammatory diseases. Using its SMART-linker technology platform, Catabasis is able to bring together the clinically proven activities of salicylate and omega-3 fatty acids and, as a result, amplify the beneficial effects of both compounds. The company is developing small molecules that would be orally available and effective with once-daily dosing. Catabasis' lead candidates have demonstrated excellent activity in a number of preclinical models of inflammation and autoimmune diseases. The company has an extensive patent portfolio owned exclusively by Catabasis.