Applied Therapeutics Closes Series A Financing
New York, NY, February 14, 2017 (Newswire.com) - Applied Therapeutics Inc., today announced the closing of its Series A financing round. The financing was led by Alexandria Venture Investments alongside E Squared Capital Management, Franklin Berger, ETP Global Fund and Syno Capital. Joel S. Marcus, Chairman, CEO and Founder of Alexandria Real Estate Equities (NYSE: ARE) and Alexandria Venture Investments, and industry expert, Franklin Berger, will join Les Funtleyder of E Squared Capital Management on the Board of Directors.
Applied Therapeutics will use the proceeds of the Series A financing to pursue clinical development of technology licensed earlier this year from Columbia University. The technology, developed by Donald Landry, M.D., Ph.D., Chair of the Department of Medicine at Columbia University, targets enzymes implicated in metabolic and cardiovascular disease.
As a clinician, I recognize the vital importance of developing drugs in areas of high unmet need with significant public health impact.
Dr. Landry, Chair of the Scientific Advisory Board
“The Series A financing will allow us to advance our clinical programs in metabolic and cardiovascular disease,” said Shoshana Shendelman, Ph.D., Founder, Chairman and CEO of Applied Therapeutics. “We are excited to partner with Columbia University, our world-renowned clinical and scientific advisors, and our strategic investors to bring these important therapies one step closer to patients.”
“As a clinician, I recognize the vital importance of developing drugs in areas of high unmet need with significant public health impact,” said Dr. Landry, an inventor of the technology and Chair of the Scientific Advisory Board. “We are excited to continue advancing our technology and look forward to working closely with Applied Therapeutics through this critical early phase of clinical development.”
An experienced group of academics and industry stakeholders will join Dr. Landry on the Scientific Advisory Board, including Gregg Stone, M.D., Director of Cardiovascular Research at NY Presbyterian and Director of Research at the Cardiovascular Research Association, Lawrence Steinman M.D., Professor of Neurology at Stanford University, Roxana Mehran M.D., Director of Interventional Cardiology Research and Clinical Trials at Mt. Sinai School of Medicine, Roy Freeman M.D., Professor of Neurology at Harvard Medical School and Director of the Center for Autonomic and Peripheral Nerve Disorders at Beth Israel Deaconess Medical Center, and Andrew Wasmuth Ph.D., senior research scientist at Columbia.
We are thrilled to partner with Dr. Shendelman, who herself is an alumna of Columbia University,” said Orin Herskowitz, Executive Director of Columbia Technology Ventures. “Applied Therapeutics is an example of how academic research, early-stage venture capital, and seasoned entrepreneurs can come together to address major public health problems. We look forward to continuing our work with Applied Therapeutics to the benefit of patients everywhere.”
“Bringing together great science, an experienced management team, world-class clinical and scientific advisors and a strategic investor syndicate, Applied Therapeutics epitomizes the nature of potentially transformative early-stage opportunities we seek to invest in,” said Joel S. Marcus, Chairman, CEO and Founder of Alexandria Real Estate Equities and Alexandria Venture Investments. “We look forward to growing the company here in New York City and supporting its mission to bring life-saving, novel therapies to patients with metabolic and cardiovascular disease.”
About Applied Therapeutics Inc.
Applied Therapeutics is a privately held biotechnology company, focused on developing transformative drugs in areas of high unmet medical need – fatal or debilitating diseases for which no therapies are approved. The company applies cutting-edge technology to validated drug targets that have failed to produce meaningful therapies in the past. Applied Therapeutics believes that through innovative science, millions of lives can be saved. For more information, visit www.appliedtherapeutics.com.
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Source: Applied Therapeutics Inc.