Pittsburgh-based Logical Therapeutics, a developer of drugs for inflammation and metabolic disease, raised $30 million in a second funding round and announced it is moving its headquarters to a location “near Boston.” (What are the odds that the new location might be Cambridge, the hub of biotech and pharma activity in the region?)
Logical has acquired all of its drug candidates from other companies or institutions, including the University of Pittsburgh, which isn’t particularly surprising given that it only has two employees. (It plans to expand to ten by early next year, according to VentureWire.) Its lead compound, LT-NS001, is a “prodrug” of the anti-inflammatory naproxen, better known as Aleve, meaning that the body’s enzymes will convert the drug into naproxen once ingested. Such prodrug forms are often designed to make drugs more effective by improving their ability to pass through the gastrointestinal tract. Other candidates include an oligopeptide for obesity and diabetes and another peptide that blocks tumor necrosis factor, or TNF, a protein that plays a key role in rheumatoid arthritis and other inflammatory conditions.
SV Life Sciences led the round, joined by Burrill & Co., Novo A/S, Sigvion Capital and Pennsylvania Early Stage Partners. Logical said the funding will allow the company to take LT-NS001 into mid-stage clinical trials.