Connecticut Innovations invests $1.5M in New Haven Pharmaceuticals
Connecticut Innovations (CI), the state's quasi-public authority responsible for growing Connecticut businesses through innovative financing tools and assistance has made a $1.5 million investment in New Haven Pharmaceuticals (NHP), a specialty pharmaceuticals company of New Haven, Conn., through its Eli Whitney Fund.
CI's investment was part of a $6.6 million Series A funding round also involving EJ Funds, Kuzari Group, Advantage Capital Partners, Yale University and individual investors.
NHP is developing proprietary prescription pharmaceuticals that utilize currently marketed drugs or generally recognized as safe (GRAS) active pharmaceutical ingredients (APIs) for use in therapeutic applications. The company's products employ proprietary, oral, controlled-release technologies, as well as intellectual property licensed from Yale University, which will enable optimal dosing, safety, efficacy and patient convenience.
“We have a high degree of confidence in the company's seasoned team and its ability to execute on its plan to develop and commercialize a line of pharmaceuticals which includes a cardiovascular product near NDA submission," said Claire Leonardi, CEO and executive director of CI.
NHP president and CEO, Patrick Fourteau, said, "Based on my many years of experience successfully launching and commercializing new drugs, there is significant commercial opportunity not only for our lead product, but also for the other products NHP plans to develop. My plan is to build NHP into a successful specialty pharmaceuticals company which generates both a generous return for its investors and jobs for our home state."
NHP's most advanced product candidate, NHP-554C, is initially being developed as a prescription, anti-platelet therapy for the secondary prevention of stroke and acute cardiovascular events in patients who have had a previous such event. The company is also developing products based on Yale University technology that will lower stomach acid, alone, or in combination with other drugs. A target patient population for such products is persons suffering from gastro-esophageal reflux disease (or GERD).