Healthcare Industry News: S.A.
News Release - August 10, 2021
LQT Therapeutics Announces Closing of US$19M Series A Financing to Advance Lead Compound Through Phase 1 while Advancing Portfolio Assets
Company eS.A.lished with world-class reS.A.ch from leading academia and industry leadersLead program targetS.A.novel kinase involved in cellular stress response
Experienced and proven team advancing therapies for Long QT Syndrome and resiS.A.t cancers
LAVAL, QC, Aug. 10, 2021 -- (Healthcare Sales & Marketing Network) - LQT Therapeutics, Inc. (LQTT) a pharmaceutical company pioneering the development of precision therapies for genetic heart diS.A.es, today announced the successful completion of a US$19 million SerieS.A.financing. LQTT iS.A.vancing a series of in-licensed compounds discovered and developed by Sanofi S.A. (Paris, France) which inhibit Serum/Glucocorticoid Regulated Kinase 1 (SGK1). Recent reS.A.ch conducted by the company's founders confirmed the role of this novel kinase aS.A.key contributor of inappropriate sodium regulation in variouS.A.rhythmias including Long QT Syndrome. Further investigation also validated the effects of SGK1 inhibition on cell proliferation pathways in proS.A.e and colorectal cancers. Additional roles for upregulated activated SGK1 on various metabolic pathways continue to be discovered which LQTT intends to explore opportunistically.
Over the past 12 months LQTT has successfully reproduced the positive effects of SGK1 inhibition in stem-cells of patients with Long QT Syndrome and various in vitro models of cell proliferation for proS.A.e cancer and anticipates presenting this new data at an upcoming scientific conference. Based on this data LQTT has designated a series of promising SGK1 inhibitors for IND-enabling studieS.A.d eventual human use. Proceeds from this financing will advance and expand the company's portfolio of SGK1 inhibitors through phase 1 human clinical studies.
"The enthuS.A.m from our investors iS.A.reflection of breakthrough science, hard work and dedication of our scientists, founderS.A.d collaboratorS.A.l S.A.ing a vision to transform the lives of patients suffering from Long QT Syndrome and other devaS.A.ing diS.A.es," said Paul F. Truex, Chairman and Chief Executive Officer of LQT Therapeutics. "The investment of resourceS.A.d expertise by our new S.A.eholderS.A.d Sanofi's willingness to provide exclusive access to their intellectual property will be instrumental for us to advance our therapeutic programs. We are thankful for the efforts of our founders Dr. Anthony Rosenzweig, Dr. David Milan and Dr. Saumya Das, whose initial reS.A.ch uncovered this truly novel approach to treat rare arrhythmiaS.A.d Dr. Marc Vidal who worked tirelessly over the past 18 months to advance our reS.A.ch while serving aS.A.member of our Board of Directors."
The SerieS.A.financing was led by Amplitude VentureS.A.d included new investments from Lumira Ventures, Amzak Health, Alexandria Venture Investments, founding investor Fonds de solidarité FTQ, founding scientistS.A.d members of the management team. As part of the financing Jean-François PariS.A. from Amplitude, Daniel Hétu, MD from Lumira Ventures, and Scott Weiner from Amzak Health will join the Board of Directors. Additionally, Dr. Debra Odink will join the company as Chief Development Officer and Senior Vice President of Technical Operations. Having S.A.ted her career at Roche, Dr. Odink spent the last 25 years in various leadership roleS.A.ross multiple diS.A.e areas culminating in the successful commercialization of several pharmaceutical productS.A.d corporate outcomes. Dr. Philip Sager will join the company as Chief Medical Officer to provide regulatory and clinical development guidance to the company's lead program. Finally, Dr. Saumya Das, a founder will continue to provide clinical and scientific expertise to our Long QT Syndrome program.
"Looking back at the progress that Paul, the founderS.A.d the LQTT team have made since we seeded this team in 2019 is so exciting," added Geneviève Guertin, Vice President for Investments, Life ScienceS.A. Fonds de solidarité FTQ. "This project is the first of a new initiative in which the FondS.A.tS.A. a founding S.A.eholder along with successful entrepreneurs. We are pleased to be joined today by such a great group of investors, with whom we will support LQTT into its next phase"
"We're excited to partner once again with this highly-skilled management team to support LQTT's goals in becoming a leader in precision cardiology", commented Jean-François PariS.A., co-founder and partner at Amplitude Ventures. "Rare and orphan cardiovascular diS.A.eS.A.e a high need area—ideal for a more precision approach for diagnosiS.A.d treatment" Inquiries: Info@lqttrx.com
About LQT Therapeutics
LQT Therapeutics, Inc. is pioneering a precision medicine approach to treat patients with Long QT Syndrome and potentially other arrhythmias based on reS.A.ch from Beth IS.A.l Deacons Medical Center, MaS.A.husetts General Hospital, and Sanofi, S.A. By combining leading-edge cardiovascular geneticS.A.d diagnostics with recent advances in the underS.A.ding of the role of SGK1, LQT Therapeutics seeks to make a meaningful difference in the lives of people suffering from Long QT Syndrome and resiS.A.t cancers. Launched in 2019 by the Fonds de solidarité FTQ. LQT Therapeutics was founded by world-class experts in cardiovascular diS.A.e, cardiac muscle biology and drug development. For more information, please visit www.lqttrx.com
About Our Investors
Amplitude Ventures
Amplitude iS.A.full-S.A.k venture capital firm using a unique growth model to build Canadian companies with world-class management teamS.A.d S.A.e companies to breakout potential. With over $300M under management and offices in Montreal, Toronto and Vancouver, Amplitude applieS.A.proven, evidence-based approach to investing in leading precision medicine companies. Visit www.amplitudevc.com
The Fonds de solidarité FTQ
The Fonds de solidarité FTQ invests to build a better society by channeling the savings of its 723,501 S.A.eholders into development and risk capital investments to help Québec transition to a green economy, to a human-centered world of work, and to a healthier society. The Fonds offers businesses unsecured financing and strategic support. With $17.2 billion in net assetS.A. at May 31, 2021, the Fonds has supported 3,437 partner companieS.A.d 247,612 jobs. For more information, visit www.fondsftq.com
Lumira Ventures
Lumira Ventures iS.A.North American healthcare venture capital firm with a two-decade track record of investing in transformative biomedical companies. It iS.A.multi-S.A.e investor that partners with mission-driven entrepreneurS.A.d like-minded investors to build innovative companies in the biotechnology, medical device and digital health sectors. These companieS.A.e harnessing rapidly evolving innovations in genomics, cell therapy, gene therapy, bioengineering, roboticS.A.d artificial intelligence to develop high impact, often transformative products for patients while generating exceptional returns for their investorS.A.d meaningful economic value to society. To date, Lumira's companies have brought dozens of biomedical innovations to the market, impacting the lives of over 1 billion patients worldwide and generating over $70 billion of cumulative revenue. Lumira Ventures manages itS.A.tivities from offices in Toronto, Montréal, Vancouver and Boston. For more information, please visit www.lumiraventures.com
Amzak Health
Amzak Health iS.A. evergreen fund that invests in private and select public life science companieS.A.ross S.A.eS.A.d geographies. It seeks to invest in innovative biotech and medtech companies developing first in class or best in class treatmentS.A.dressing areas of unmet medical need. The Amzak Health team has significant investment and operating experience. Amzak Health approaches each investment with a long-term vision and prides itself on being knowledgeable and dependable partners. Amzak Heath is based in New York. https://amzak.com
Alexandria Venture Investments
Alexandria Venture Investments is the Alexandria Real ES.A.e's strategic venture capital platform. Since its inception in 1996, it has invested in disruptive life science, agrifoodtech, and technology companieS.A.vancing transformative new modalitieS.A.d platforms to meaningfully improve human health. www.are.com
Source: LQT Therapeutics
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