Astellas, Drais form newco to develop Astellas' ASP3291

Astellas Pharma Inc. (Tokyo:4503) and Drais Pharmaceuticals Inc. (Bridgewater, N.J.) partnered to form virtual company Telsar Pharma Inc. to develop and commercialize Astellas' ulcerative colitis (UC) compound ASP3291. Telsar, which will be managed by Drais' executive team, raised $14 million from InterWest Partners; Sutter Hill Ventures; and Astellas Venture Management. Telsar will own all rights and assets related to the melanocortin (MC) receptor agonist, which has completed a Phase I trial. Telsar plans to start a Phase IIa trial, but did not provide a timeline. ...