CRESSKILL, N.J,--(BUSINESS WIRE)--Vascular Therapies, a clinical-stage biopharma company focused on improving vascular access outcomes in patients with kidney disease, today announced the closing of an upsized $17.3 million private financing. The financing comprised existing and new investors, and was increased from an originally-targeted $15 million up to $17.3 million, based upon interest from new investors, including a strategic foreign healthcare company.
Vascular Therapies plans to use the proceeds to further advance Sirogen, a proprietary sirolimus formulation for intraoperative, local, perivascular drug delivery. The financing, together with existing cash resources, is expected to fund the company through 2020 and provide sufficient capital to complete the data gathering and analysis from the company’s U.S. Phase 3 randomized clinical study and complete the development and testing of Sirogen.
“I’m delighted to announce the completion of our private financing, which funds the company through 2020,” said John McDermott, Chief Executive Officer of Vascular Therapies. “With this financing completed, we are now focused on delivering topline results from our pivotal U.S. Phase 3 trial of Sirogen in dialysis vascular access, which we expect to announce in Q2 2020. We look forward to announcing the data given Sirogen’s strong performance in our Phase 2 study, as well as in the Phase 3 trial’s open label group. Vascular access is an important unmet medical need with high failure rates contributing to overall poor outcomes for hemodialysis patients. We believe Sirogen has the potential to reduce vascular access complications, which would lower costs and provide improved outcomes for patients with kidney disease.”
About Vascular Therapies
Vascular Therapies, Inc., is a privately-held biopharma company developing Sirogen, a proprietary sirolimus formulation for local, perivascular drug delivery. The goal of this therapeutic approach is to improve vascular surgery outcomes in patients with kidney and vascular diseases. This investigational therapy is currently being evaluated in a Phase 3 randomized clinical trial, which is being performed under a Special Protocol Assessment (SPA). The drug development program has received Fast Track status from the FDA and sirolimus has Orphan Drug designation for dialysis vascular access indications in the U.S. and E.U. The FDA has tentatively approved the proprietary tradename Sirogen. Sirogen is an investigational product and has not been determined by the FDA to be safe and effective for any use. For more information, please go to www.vasculartx.com.
Sirogen is a registered trademark of Vascular Therapies, Inc.