Pearl Therapeutics raises $65M Series D to start PT003 phase III trial
Pearl Therapeutics, a Redwood City, Calif.-based privately held company developing combination therapies for the treatment of highly prevalent respiratory diseases, has raised a $65 million Series D financing from current investors.
The round of financing was led by Vatera Healthcare Partners, with 5AM Ventures, Clarus Ventures and New Leaf Venture Partners also participating. Proceeds from this financing will be used by Pearl to start phase III study of PT003, Pearl's lead candidate product comprised of glycopyrrolate (GP), a long-acting muscarinic antagonist (LAMA) and formoterol fumarate (FF), a long-acting beta-2 agonist (LABA) delivered via a metered dose inhaler (HFA MDI).
"Through our comprehensive phase II program, Pearl has characterized the dose response, minimally effective dose and optimal dose for each of PT003's components, providing us with a strong foundation for our end-of-phase II meeting with the FDA and initiation of phase III trials," said Chuck Bramlage, CEO, Pearl Therapeutics. "Our board has extensive experience in multiple respiratory blockbuster products and franchises. Their continued support and strategic counsel is invaluable in Pearl's progression towards this last phase of clinical development with PT003 in our effort to bring this valuable therapy to millions of COPD patients."
Sundar Kodiyalam, managing director of Vatera Holdings and member of the Pearl Therapeutics board of directors, said, “We believe that Pearl's platform technology is a significant differentiator that the company has leveraged in its development of PT003 and its earlier-stage triple combination, both of which have tremendous commercial potential. Pearl has executed the PT003 clinical program with an impressive speed and robustness, and we look forward to supporting the company through its next steps in PT003's clinical development to bring this unique therapeutic option to the market. We envision our continued involvement with Pearl to be long term, collaborative and committed to the growth and success of the company."
With this financing, Pearl will have raised a total of $167.5 million since 2007, and readied three products for phase III testing: PT003 and its monotherapy components, GP MDI and FF MDI.