Logical Therapeutics closes $16.9 million Series C equity financing round

May 27 2010

Lead Candidate, LT-NS001, Shows Evidence of Improved GI Safety for Arthritis Patients

Logical Therapeutics, Inc., a private, clinical stage biopharmaceutical company, announced today it had closed on a $16.9 million Series C equity financing.  The round was led by existing investor SV Life Sciences, and included Burrill & Company, Novo A/S and Novitas Capital.

Logical Therapeutics is developing a family of new chemical entities using its patented Bio-activated Technology.^TM The proprietary platform, which modifies the chemical structure of NSAIDs (non-steroidal anti-inflammatory drugs), is being developed to significantly reduce the gastrointestinal (GI) side effects often associated with NSAIDs.  The Company's lead compound, LT-NS001 (naproxen etemesil), is currently being studied in a Phase 2b/3 study comparing the cumulative rate of gastric ulcers vs. Naprosyn® in osteoarthritis patients after 12 weeks of treatment.  Completion of the study is expected in late 2010.

The Series C financing round is expected to provide sufficient capital to advance the Company's development program through further clinical and non-clinical activities necessary for registration. The Company intends to seek a business partner prior to commercialization.