Elevation Pharmaceuticals closed a $30 million series B fundraising round led by new investor Novo Ventures. The funds will be used to progress development of the firm’s Phase II-stage nebulized long-acting muscarinic antagonist (LAMA), EP-101, for the treatment of chronic obstructive pulmonary disease (COPD).
The drug is an inhaled solution formulation of glycopyrrolate, delivered using Pari Pharma’s investigational eFlow® Nebulizer System. Elevation says it believes the drug is the only nebulized LAMA being developed for COPD.
EP-101 is already being evaluated in a Phase IIb clinical study (Golden-1), in patients with moderate-to-severe COPD. An additional Phase IIb study is planned for 2012 to confirm the optimum doses and dosing regimen for future Phase III evaluation. Elevation says the latest investments will allow it to progress through Phase II development and start Phase III trials by the end of 2013.
The battery-operated eFlow nebulizer aerosolizes liquid drugs using a vibrating, perforated membrane. Elevation claims that in comparison with other nebulizer platforms, the eFlow generates aerosols with a very high density of active drug, a precise droplet size, and a high proportion of respirable droplets.