Remedy Pharmaceuticals said Monday that it has received an undisclosed investment from Broadview Ventures. Based in New York City, Remedy Pharmaceuticals is a clinical stage pharmaceutical company focused on developing drugs for acute central nervous system disorders.
NEW YORK–(BUSINESS WIRE)–Remedy Pharmaceuticals, Inc. today announced that it completed an equity financing from a new investor, Broadview Ventures, for an undisclosed amount. Funds will be used to accelerate Remedy’s GAMES-RP clinical trial of its central nervous system drug RP-1127.
GAMES-RP is a Phase 2 randomized, double blind, placebo controlled, multi-center study of RP-1127 in patients with a severe ischemic stroke who are likely to experience clinically significant brain swelling, culminating in further ischemic damage, enlargement of the infarct, brain herniation, and death.
GAMES-RP was launched after the successful completion of a pilot trial (GAMES-Pilot) involving patients with severe stroke. Based on historical data, if untreated, approximately 80% of GAMES‐Pilot patients would have been expected to die or survive bedridden and incontinent, requiring constant nursing care. The GAMES-Pilot trial turned those dire statistics on their head, with only a 20 percent incidence rate.
GAMES-RP is currently recruiting at 12 centers across the US – Stanford University Medical Center, University of Louisville Hospital, University of Maryland Medical Center, Oregon Health & Science University Hospital, Cleveland Clinic, Northwestern Memorial Hospital, Massachusetts General Hospital, UMASS Memorial Medical Center, Medical University of South Carolina, Ohio State University Wexner Medical Center, Yale-New Haven Hospital, and Maine Medical Center.
The company is in active discussions with several additional sites. The trial is expected to be completed at the end of this year or early next year.
“Preliminary data indicates RP-1127 may be a life saving therapy,” notes Sven Jacobson, Chief Executive Officer of Remedy, adding, “We’re extremely pleased that Broadview shares our desire to move RP-1127 to market rapidly so that this fragile patient population can at last be helped.”
“It is particularly encouraging that Broadview are experts in this field.” adds David Geliebter, Chairman of Remedy and Managing Partner of Carrot Capital. “Their advisors include Eugene Braunwald, MD; Eric A. Rose, MD; T. Forcht (Teo) Dagi, MD, DMedSc, MPH, MTS; and other luminaries, which further validates the work we have done to date and the potential we all see in RP-1127.”
A poster presentation on GAMES-RP will be presented at the 2014 International Stroke Conference in February.
Remedy Pharmaceuticals will be presenting at the Neurotech Investing & Partnering Conference 2014 in Boston in April, and its CEO, Sven Jacobson will be participating in the conference’s “Traumatic Injury: Stroke and TBI” panel.
Every 40 seconds of every day someone in the United States has a stroke. Stroke is the third leading cause of death in America, surpassed only by heart disease and cancer, and is the primary cause of serious long-term disability in adults. There are 795,000 strokes in the U.S. each year, resulting in nearly 150,000 deaths. Annual costs to the healthcare system are estimated at $56.8 billion.
Remedy’s lead drug candidate, RP-1127, is a high affinity, well tolerated inhibitor of NCCa-ATP channels, which are key upstream mediators of the development of brain swelling (edema) and hemorrhage following ischemic and traumatic injury.
About Remedy Pharmaceuticals
Remedy Pharmaceuticals, Inc. is a clinical stage pharmaceutical company focused on the development and commercialization of small molecule drugs for acute central nervous system disorders including stroke, traumatic brain injury, and spinal cord injury.
About Broadview Ventures
In 2008 the Leducq Family Trust established Broadview Ventures, Inc. (Broadview). Broadview’s mission is to accelerate the development of promising technology in cardiovascular and neurovascular disease through targeted investments in and support of early stage ventures. By making funding available at a critical moment in the development of new technology, the Leducq Family Trust joins other leaders in venture philanthropy in seeking creative ways to support translational research in order to bring the advancements of science to the care of patients. www.broadviewventures.org