Biomedical start-up will fund clinical trials of its treatment for
inflammatory bowel disease.
OKLAHOMA CITY, Sept. 18 /PRNewswire/ -- Altheus Therapeutics, Inc. has secured $3.6 million in venture capital financing to fund clinical trials testing the efficacy of its therapy for the treatment of inflammatory bowel disease. St Louis-based Prolog Ventures led the round and was joined by the Oklahoma Seed Capital Fund and Oklahoma Equity Partners.
About 1.2 million Americans suffer from inflammatory bowel disease. The two most common forms, ulcerative colitis and Crohn's Disease, are chronic lifelong conditions which significantly impact the quality of life. Current therapies are reportedly effective less than 50% of the time.
The Altheus therapy combines two FDA approved drugs in a novel way and has been shown to be highly effective in animal models. This therapeutic approach is based on the research of Dr. Richard Harty, Emeritus Chief of Gastroenterology at the University of Oklahoma Health Sciences Center.
"We are very enthusiastic about our investment in Altheus, which allows the company to conduct the clinical trials needed to prove its product," said Brian Clevinger, founder and managing director at Prolog Ventures. "The initial data that Altheus has gathered is quite compelling. This is one of the most exciting companies we have seen in our pursuit of early-stage life science opportunities."
"This funding provides us with the capital to move our drug candidates
forward into clinical trials," said Adam Payne, CEO of Altheus. "Our
initial animal data suggest that our mechanistic approach is far superior
to conventional frontline strategies -- which, if proven in the clinic,
will provide a significant step forward for treatment. Conventional
therapies can take as long as eight weeks to develop a clinical response.
Our therapy may cut this time in half and help a larger portion of the
|SOURCE Altheus Therapeutics, Inc.|
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