Chase Pharmaceuticals Corporation today announced a 21 million Series B financing via a syndicate led by New Rhein Healthcare Investors LLC Other new investors in this round include Edmond de Rothschild Investment Partners and Cipla Ventures the new venture capital arm of Cipla Pharmaceuticals The original venture investor Brain Trust Accelerator Fund also participated in this financing The investment proceeds will be used to fund Phase 2a and Phase 2b clinical trials of the company’s lead product Consistent with New Rhein’s business model each of these investors brings significant operational experience to Chase
Chase has a unique patented approach that promises to significantly improve the efficacy and safety of currently marketed Alzheimer’s drugs such as ARICEPT and Exelon The company was founded in 2007 by Thomas Chase MD former Scientific Director National Institute of Neurological Disorders and Stroke NINDS and Kathleen Clarence-Smith MD PhD former head of CNS development at Sanofi Roche and Otsuka
Dr Chase a Founder said Based on our Phase 1 studies we expect Chase products will demonstrate a far greater therapeutic benefit than any currently marketed treatment for Alzheimer’s disease resulting in a significant beneficial impact on the quality of life for all those afflicted by this cruel and incurable disorder ‘
Greg Parekh PhD former head of M&A at Novartis AG and a partner at New Rhein will serve as Chase’s Chairman of the Board Alzheimer’s disease afflicts 7 5 million Americans and represents one of our country’s most significant growing unmet medical needs By cleverly improving existing on-market drugs Chase Pharmaceuticals builds on proven therapies and offers patients and their caregivers new hope for a better quality of life in the relatively near term said Dr Parekh
In addition to Dr Parekh Raphaël Wisniewski of Edmond de Rothschild Investment Partners and Vikram Sudarsan PhD of Cipla New Ventures will join the board of the company
John M Siebert PhD will join as its Chief Executive Officer John has a successful track record of over 15 years as CEO at both public and private specialty pharmaceutical companies such as Cima Labs and Cydex He brings to Chase a wealth of complementary commercial experience
About Chase
Chase is an early stage drug development company based in Washington DC Its mission is to improve the quality of life for those suffering from disorders of brain function especially cognitive dysfunction of the Alzheimer’s type In the service of this goal Chase Pharmaceuticals seeks to advance the development of its own intellectual property towards commercial products that satisfy crucial unmet medical needs Current efforts focused on pharmaceuticals for Alzheimer type dementia include oral medications such as its lead product CPC-201 as well as CPC 252 for transdermal administration The privately held company received Series A funding in 2010 and 2011 from Brain Trust Accelerator Fund in support of its program of Phase I clinical trials Please visit our website a href=”http://www chasepharmaceuticals com target=”_blank”>www chasepharmaceuticals com
