CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Cavion LLC, a pharmaceutical company developing T-type calcium channel inhibitors for the treatment of neurologic diseases and solid tumor cancers, announced today that it has closed a $5 million private placement of convertible notes with new and existing investors. The proceeds will be used to expand Cavion’s platform of T-type calcium channel inhibitors through licensing and the development of new chemical entities and to support clinical trials in neurology and brain cancer. Cavion has raised over $18 million from private investors throughout the United States and received over $15 million in non-dilutive resources.
“Our investors appreciate Cavion’s mission to bring relief to patients suffering from cancer and neurologic diseases such as peripheral neuropathy and Parkinson’s,” stated Cavion President and CEO Andrew Krouse. “We are excited by their support for Cavion in this critical period as we develop multiple T-type calcium channel inhibitors and prepare for clinical trials in brain cancer and neurology that will launch in 2016.”
About Cavion LLC
Cavion LLC, founded as Tau Therapeutics LLC, is a privately held clinical stage platform pharmaceutical company creating therapies engaging the T-type calcium channel (Cav3) for the treatment of neurologic and oncologic diseases. The T-type calcium channel is an emerging molecular target for cancer and pain.
Cavion is co-sponsoring a Phase 1 trial (NCT02202993) of the T-type calcium channel blocker mibefradil combined with hypofractionated radiation therapy for the treatment of recurrent glioblastoma multiforme with the Yale University Comprehensive Cancer Center. A multi-site NCI Adult Brain Tumor Consortium-sponsored Phase 1b clinical trial (NCT01480050) of mibefradil administered with temozolomide in brain cancer recently completed enrollment. Cavion intends to launch its first neurology clinical trial in 2016.
This press release contains forward-looking statements that are subject to risks and uncertainties, and includes statements that are not historical facts. Actual results could differ significantly from results discussed. Cavion LLC disclaims any intent or obligation to update forward-looking statements, except as required by law.