BioMarck Pharmaceuticals has closed a $2.43 million round of funding entirely from individual “angel” investors, says Thomas H. Roberg, board vice chairman and marketing officer of the company.
BioMarck raised a $1.5 million of its A round previously, also from angel investors. Roberg says the average amount from each investor is $50,000. The company plans to fund ongoing studies and the beginning of clinical trials with the funds.
Roberg says the closing amount exceeded the company’s original expectations, although its board allowed for up to $2.5 million in the round.
The company’s technology is licensed from North Carolina State University and invented Kenneth B. Adler, Ph.D., professor of cell biology, and Linda D. Martin, Ph.D., assistant professor of cell biology. The technology is based on their discovery of the “Marcks” peptide.
Following a CED Capital Connection luncheon last year, Martin told Local Tech Wire the Marcks peptide directly inhibits mucus secretion by blocking a step in the secretion pathway. It also helps control inflammation.
A new paradigm
Martin said that current treatments for respiratory diseases do little to stop mucus over-secretion, although that is frequently the cause of deaths from these illnesses. This dual approach, which is unique and unknown in currently marketed drugs, is a key for the treatment of chronic obstructive pulmonary disease (COPD), asthma, cystic fibrosis and other respiratory diseases, the company says.
COPD is the fourth leading cause of death worldwide.
Martin has said the Marcks peptide represents “a new paradigm” for treating them which could result in capturing a substantial chunk of the $34 billion market for treating these respiratory diseases.
The company quotes Dr. Edward Crandall, chairman of medicine at the University of Southern California School of Medicine, who says, “The number of patients that could benefit from the discovery of the Marcks protein and its role in airway inflammation is enormous. This could be among the most important discoveries in the field.”
Chasing SBIR grants
Dr. Steven Shapiro, professor of medicine at Harvard Medical School says, “The Marcks peptide could–revolutionize the treatment of COPD, asthma, and related diseases.”
BioMarck founders said from the outset they planned to raise $1 million or more from various grant sources and the company has made substantial progress toward that goal.
BioMarck was approved for a Small Business Innovative Research grant of $100,000 in March and completed efficacy studies in three animal species in June.
It has also been approved for a Kenan Foundation grant of $60,000. It plans to apply for a follow up SBIR grant of $750,000 and additional development grants from non-profit foundations such as the Cystic Fibrosis Foundation.
Dr. Indu Parikh, formerly director of the Division Biochemistry and Biotechnology at Glaxo, Inc. and founder, chief scientific officer and vice president of research and development of RTP Pharma, is president, chief executive officer, and chief scientific officer of BioMarck.
Roberg tells LTW, “Now we have to prove it works and is safe in people.”
The company expects to complete toxicity studies in rodents by November and additional toxicity studies by December.
The company’s executive summary, available on its web site, says that it expects to get U.S. Food and Drug Administration approval of an Independent New Drug (IND) application in mid to late 2004 and initiate Phase I human trials for safety late in 2004.
