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News and Information Article
Proceeds to Fund Clinical Development of Lead Product for Herpes Labialis
and New Dermatological Products
FRAMINGHAM, Mass., and PHILADELPHIA, July 31 // -- Transport
Pharmaceuticals, Inc., a leader in drug/medical devices for the topical
treatment of dermatological conditions, today announced that the company
closed on a $12.6 million extension of its Series D financing round,
bringing the total of the round to $29.6 million. This funding comes from
existing investors, and was co-led by The Carlyle Group and Quaker
BioVentures, with participation by The Hillman Company.
Dennis Goldberg, Ph.D., President and Chief Operating Officer,
commented on the financing, "The continued support from our investors
provides further validation of Transports technology, broad experience in
drug development, management team, product focus and business strategy. The
additional funds will support our lead drug/device combination product for
herpes labialis, or cold sores. We will initiate a Phase II human clinical
trial to evaluate the effectiveness of our new drug delivery device and
proprietary acyclovir formulation. It will also help to advance the
preclinical development of the Companys onychomycosis and other product
candidates."
Richard Kollender, Partner of Quaker BioVentures added, "We continue to
be attracted to Transport and its core competencies in electrical
engineering, chemistry/drug formulation, materials science and drug
development, a new model known as drug/device convergence. Further,
Transports lead product focus in herpes labialis represents a unique
market opportunity. This is due, in part, to the ineffectiveness of
currently available treatments and the unique drug/device system developed
by Transport, whereby acyclovir is delivered over a ten minute treatment
time directly to impacted skin at considerably higher concentrations than
existing approved topical formulations."
About Transports Iontophoresis Delivery Platform
Transports drug/delivery platform is based on the combination of
iontophoresis, a technology employing a low-voltage electrical charge to
locally deliver larger amounts of medications through the skin, and
proprietary drug formulations optimized for electrokinetic delivery. The
Company has developed a small, wireless microprocessor-controlled drug
delivery device and pre-filled drug reservoir cartridges that will allow
patients to self-administer topical drugs for a variety of indications. The
system consists of a reusable control unit and disposable, single-use
medicated cartridges. The pre-filled cartridges contain a unit dose of
drug.
About Transports Herpes Labialis Drug/Device
To date, Transport has clinically validated its iontophoresis
technology in several US clinical trials in more than 750 patients using
the companys first generation device and an approved topical acyclovir
formulation including an initial Phase IIb double-blind, placebo-controlled
study in which 43 percent of treated erythema patients reported aborted
lesions versus 20 percent for placebo, a 50 hour improvement in healing
time for treated patients vs. placebo and a 35 hour improvement in healing
time for all patients.
About Transport Pharmaceuticals, Inc.
Pennsylvania-based Transport Pharmaceuticals, Inc. is a privately-held
venture back company. To date, the Company has raised US $35.6 million in
venture financing. Current venture investors include Quaker BioVentures,
The Carlyle Group, The Hillman Company and EGS Healthcare. For more
information, please visit http://www.transportpharma.com.
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