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Elevation Pharmaceuticals Completes $30 Million Series B Financing to Advance Aerosol COPD Therapy
Date:1/4/2012

SAN DIEGO, Jan. 4, 2012 /PRNewswire/ --  Elevation Pharmaceuticals, Inc. announced today the closing of a $30 million Series B financing, led by new investor Novo Ventures, to fund development of Elevation's new aerosol therapy for patients living with chronic obstructive pulmonary disease (COPD). All previous investors participated in the round, including Canaan Partners, TPG Biotech, Care Capital and Mesa Verde Venture Partners. In conjunction with this financing, Elevation has added Heath Lukatch, Ph.D., a Partner in Novo Ventures, Novo A/S, to its board of directors.

A currently-marketed long-acting muscarinic antagonist (LAMA) bronchodilator is the standard of care for treating moderate-to-severe COPD, but no LAMAs are approved for use in a nebulizer, which is the preferred delivery device for patients with more severe disease.  Elevation's lead product candidate, EP-101, is believed to be the only nebulized LAMA being developed for COPD. EP-101 is a proprietary inhalation solution formulation of glycopyrrolate that is being delivered by an investigational eFlow® Nebulizer System by PARI Pharma GmbH.

"We believe that Elevation Pharmaceuticals' EP-101 will provide a much needed new treatment option for an underserved segment of the COPD patient population. EP-101 has already demonstrated improved lung function in multiple human clinical trials and Elevation's management team has a successful track record of developing drugs using new delivery technologies. Novo Ventures is very pleased to be able to support Elevation's efforts to improve the lives of COPD patients with our investment in the company's Series B financing," said Dr. Lukatch.  

Elevation has completed enrollment of its multi-center Phase 2b clinic
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SOURCE Elevation Pharmaceuticals, Inc.
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