COPD data show EP-101 improves FEV1 vs. placebo

Elevation Pharmaceuticals Inc. (San Diego, Calif.) said EP-101 significantly improved mean trough forced expiratory volume in one second (FEV1) at 24 hours post-dose vs. placebo (p<0.001) in a Phase IIa trial to treat chronic obstructive pulmonary disease (COPD). Data were presented at the European Respiratory Society meeting in Amsterdam. The double-blind, dose-ranging, crossover trial enrolled 42 patients.

Based on the data, Elevation raised $17 million in a second tranche of a series A round, bringing the total raised in the round to $30 million. Existing investors Canaan Partners; TPG Growth; Care Capital; and Mesa Verde Venture Partners participated. Elevation raised $13 million in a first tranche in January 2010. ...