Vascular Pharmaceuticals, a startup focusing on development of treatments for complications from diabetes, has closed on $9 million in new financing.
The funding, which was disclosed today, wraps up an expanded A round of financing dating back to September 2012.
Lumira Capital led the round, and its managing director Beni Rovinski will join the Vascular board as part of the deal.
Another investor participated, but the company did not disclose who it was.
Intersouth partners, which is based in Durham and invested previously, also participated in the round along with MPM Capital.
The funds will be used for a Phase 2 clinical trial of a proposed treatment for diabetic nephropathy.
Janssen Biotech, which is part of Johnson & Johnson, made an up-front payment ti vascular in 2012 for rights to the drug.
“I am very impressed with VPI’s innovative technology which has the potential to have a significant impact on the treatment of diabetic nephropathy, a disease with limited treatment options,” Rovinski said in a statement. “I am looking forward to working with the VPI team to advance the development of this important product.”
Vascular CEO Richard Shea noted that the Phase 2 trial is enrolling participants at more than 40 sites in the U.S.
Vascular also is eligible to receive milestone payments as the antibody called VPI-2690B advances.
Drs. David Clemmons and Laura Maile of the University of North Carolina at Chapel Hill School of Medicine are the inventors of the antibody.
The compound has shown it slows development of diabetic complications such as nephropathy, accelerated atherosclerosis and retinopathy in animal studies.
