Laguna Pharmaceuticals raised $30 million in a follow-up round of financing. The funds came via a fresh group of venture capitalists looking to bolster the company’s war chest. They also announced the company has appointed a new CEO and moved locations. It is now headquartered in La Jolla, San Diego. They develop an atrial fibrillation drug that is entering its phase 3 testing. The new CEO, Bob Baltera, was head of Amira Pharmaceuticals and led the team that directed its sale to giant Bristol-Myers. The deal was worth $475 million. This was the second round of investment capital to be solicited by the company and will fund daily operations at the corporate level.
The financing deal was participated in by Versant Ventures, Frazier Healthcare, Sante ventures and BioMed Ventures. The company produces its flagship drug, Vanoxerine. It has stated the drug did well in phase III trials and is ready to move forward. The FDA has not ruled yet though so that is pure speculation. Phase III testing is critical and the last juncture to going to market. Phase II testing involves the most rigorous guidelines and acceptance to the third part of the program is a positive sign.
Low Level Publicity
The drug hasn’t received much publicity and it is not clear where it originated from. It is assumed it was created by ChanRX as the company filed a Form D disclosure documenting a $1 million raise. ChanRX issued a release last year informing shareholders about the progress of Vanoxerine which focused on its mid-stage safety and dosage information. The CEO noted that the drug has performed well in clinical trials and is ready to be labeled and brought to market. They feel this is a great boost to the potential of the company and its ability to generate future earnings. The company has a strong management team that consisting of industry experts that specialize in the field the drug is used in.