SAN FRANCISCO, CALIFORNIA — According to a news report out this week, early-stage pharmaceutical company Spiral Therapeutics has received a $3.7 million investment towards the development of treatments for hearing loss and other inner ear related disorders.
The Series A funding round was led by Camden Partners Nexus, a biomedical-focused venture fund, and Savoir Capital.
Spiral Therapeutics’ initial drug candidate is LPT99 and recently moved into Phase I study. LPT99 is reported to be a small molecule with strong anti-apoptotic activity and is administered trans-tympanically in a hydrogel formulation to effectively reach the hair cells in the inner ear.
According to company CEO and founder, Hugo Peris, the latest round of financing will allow the company to “take LPT99 into the clinic and further validates our development strategy”.
“Spiral Therapeutics brings together innovative therapies addressing inner ear disorders and a seasoned and energetic management team. Its solid R&D foundation and the meaningful collaborations with leading medical institutions like Johns Hopkins and UCSF make Spiral an ideal investment for Camden.”
—George Petrocheilos of Camden Partners and incoming Spiral board member
Last fall, the company reported positive feedback from the U.S. Food and Drug Administration in response to an initial submission, which plans to develop the LPT99 for the prevention of chemotherapy-induced hearing loss in pediatric patients. The company is also exploring use for other types of hearing loss and inner ear related disorders.