CHICAGO--(BUSINESS WIRE)--ResQ Pharma, Inc., a biopharmaceutical company focused on commercializing LipidRescue™ Therapy (LRT), which is a treatment for various drug overdoses and poisonings, announces the completion of a second seed-round of equity financing of $725,000.00. This financing brings their total seed financing to $1,050,000.00. The company is scheduled to meet the U.S. Food & Drug Administration (FDA) on September 29th 2016 regarding an application for LRT as a treatment for local anesthetic systemic toxicity (LAST). The company also filed for Orphan Drug Designation applications in both the US and European Union.
According to the Center for Disease Control and Prevention (CDC) 47,055 people died in 2014 from drug overdoses in the US. ResQ Pharma is excited about the opportunity it has to attain regulatory market approval for LRT and better address the situation by commercializing a potentially life-saving therapy.
About LipidRescueTM Therapy (LRT)
ResQ Pharma's lead product candidate is LRT, which refers to the administration of a lipid emulsion with the intent of reducing the life-threatening clinical manifestations of toxicity from excessive doses of certain lipophilic drugs. It is already the opinion of the American Heart Association and American College of Medical Toxicology that where there is serious hemodynamic instability from local anesthetic drugs with high lipid solubility, LRT is a reasonable consideration for therapy, even if patient is not in cardiac arrest.
About ResQ Pharma
ResQ Pharma, Inc., is a biopharmaceutical company created to ensure reliable, global use of LRT, a treatment for various lipophilic drug overdoses and poisonings. For more information on ResQ Pharma, please visit www.LipidRescue.com. We are members of iBIO’s PROPEL, EnterpriseWorks Chicago, Chicago Founders Circle, The BUNKER and MATTER/CIMs! We are also a Qualified New Business Venture for the Illinois Investment Tax Credit Program. DLA Piper, LLP provided legal counsel for the financing.
This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may, in some cases, use terms such as "believes," "potential," "proposed," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should" or other words that convey uncertainty of future outcomes to identify these forward-looking statements. Forward-looking statements include statements regarding our intentions, beliefs, analyses or current expectations concerning, among other things: our expectations regarding the clinical effectiveness and safety of our product candidates and results of studies; and the timing of and our ability to obtain U.S. Food and Drug Administration or other regulatory authority approval of, or other action with respect to, our product candidates and advancing studies for LRT. Any forward-looking statements in this press release speak only as of the date of this press release.