{"id":11225,"date":"2012-09-12T11:40:39","date_gmt":"2012-09-12T15:40:39","guid":{"rendered":"http:\/\/sciencebusiness.technewslit.com\/?p=11225"},"modified":"2012-09-12T11:45:05","modified_gmt":"2012-09-12T15:45:05","slug":"drug-discovery-company-lands-venture-funds-licensing-deal","status":"publish","type":"post","link":"https:\/\/technewslit.com\/sciencebusiness\/?p=11225","title":{"rendered":"Drug Discovery Company Lands Venture Funds, Licensing Deal"},"content":{"rendered":"
\"Diabetes<\/a>
(National Institutes of Health)<\/figcaption><\/figure>\n

Vascular Pharmaceuticals Inc.<\/a>, a drug discovery company in Chapel Hill, North Carolina, secured $16 million in series A funds, the first round of financing after start-up. The company, a developer of drugs to treat complications of diabetes, also signed a licensing agreement for its lead compound with Janssen Biotech<\/a>, a division of Johnson & Johnson.<\/p>\n

The financing was led by Intersouth Partners<\/a> and MPM Capital; other participants in the round were not disclosed. Intersouth Partners is a venture capital firm specializing in start-up companies in the southeastern U.S., while MPM Capital is a dedicated life sciences venture capital investor.<\/p>\n

Vascular Pharma’s lead candidate is VPI-2690B<\/a>, a monoclonal antibody to treat diabetic nephropathy<\/a> that targets the insulin-like growth factor-I signaling pathway, stimulated by hyperglycemia, or high blood sugar associated with diabetes. In people with diabetes, nephrons — structures that filter blood and help remove wastes — thicken and slowly become scarred over time. The kidneys begin to leak and protein passes into the urine.<\/p>\n

In animal models, VPI-2690B reverses the development of proteinuria — an excess of serum proteins — and prevents histological changes in the kidneys of diabetic animals. The research behind VPI-2690B was conducted by its inventors David Clemmons and Laura Maile<\/a> of the University of North Carolina at Chapel Hill medical school. Clemmons founded Vascular Pharma in 2005.<\/p>\n

In the separate licensing agreement, Vascular Pharma grants to Janssen Biotech rights for VPI-2690B in exchange for upfront and contingent milestone payments; the financial amounts of those payments were not disclosed. Janssen Biotech will also have the option to acquire Vascular Pharma following a planned phase 2 clinical trial of VPI-2690B.<\/p>\n

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