Remedy Pharmaceuticals Series B Financing Oversubscribed
Industry Insiders and Sophisticated Financial Investors Show Strong Support for Central Acute Nervous System Drug
New York, NY, USA - July 10, 2012 – Remedy Pharmaceuticals, Inc. today announced it had closed a Series B financing at $3.7 million.
Individuals who participated in the financing included M.D.’s, Ph.D.’s, ex-pharma and biotech executives, and sophisticated financial investors. Capital will be used to further commercialization efforts for Remedy’s lead product, RP-1127, a drug for treating acute central nervous system disorders such as stroke and traumatic brain injury.
“We are delighted to welcome to our new investors. We greatly appreciate their faith in the company and will work diligently and tirelessly to reward the trust they have placed in us,” notes Sven Jacobson, Chief Executive Officer of Remedy. “Millions of people suffer from stroke, traumatic brain injury, spinal cord injury and other acute CNS disorders each year, and we believe we have an opportunity to materially improve their outcomes. This investment will greatly assist in helping us prove the value of RP-1127.”
“What’s particularly encouraging is that many of these investors are experts in this field.” adds David Geliebter, Chairman of Remedy and Managing Partner of Carrot Capital. “Their investments validate the work we have done to date and the potential we all see in RP-1127.”
Remedy’s lead drug candidate, RP-1127, is a high affinity, well tolerated inhibitor of NCCa-ATP swelling (edema) and hemorrhage following ischemic and traumatic injury.
About Remedy Pharmaceuticals
Remedy Pharmaceuticals, Inc. is a development stage pharmaceutical company focused on the development and commercialization of small molecule drugs for acute central nervous system disorders including stroke, traumatic brain injury, and spinal cord injury.
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