BALTIMORE – -Arginetix Inc. and Immune Control Inc. have merged to form Corridor Pharmaceuticals Inc., which will develop novel treatments for vascular diseases with an initial focus on pulmonary arterial hypertension. In conjunction with the merger, Corridor Pharmaceuticals completed a $15 million Series A financing with all major investors of both predecessor companies.
Investors include: Domain Associates, Quaker BioVentures, MedImmune Ventures, NewSpring Capital, Maryland Health Care Product Development Corp., Ben Franklin Technology Partners of Southeastern PA, Acidophil LLC, and Red Abbey Venture Partners.
We think this is an interesting trend, venture firms merging and recapping complementary companies under one management team.
Gary Lessing, formerly the CEO of Arginetix, will serve as CEO of Corridor, and Stephen Roth, Ph.D., formerly CEO of Immune Control, will serve as executive vice chairman of the board.
“This merger combines two talented teams and two complementary technology platforms to develop promising new therapeutics to treat pulmonary and vascular diseases,” says Lessing. “Together, we have the resources to advance our product pipeline and manage critical clinical, scientific and regulatory activities.”
C-122, Corridor’s lead candidate for PAH, has undergone extensive preclinical pharmacokinetic and toxicology testing. In animal models of PAH, the drug candidate prevents the elevation of pulmonary arterial blood pressure and reduces arterial hypertrophy and perivascular fibrosis. The company plans to file an IND application for C-122 in the second half of 2010.
The new firm is based in Baltimore with offices in West Conshohocken, PA.
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Tags: Baltimore, Corridor Pharmaceuticals, financing, Maryland, Pharma, vascular diseases
Please let me know who to contact at Corridor Pharmaceuticals for drug development.
From Gary McGhee. VP of Sales at IRIX Pharmaceuticals- a CRO / CMO for small molecule- based drug substances
Thank you,
Gary
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