Jun 16 2010
Galera Therapeutics, a drug development company focused on novel therapeutics to protect against the side effects and increase the effectiveness of cancer treatment, today announced it has completed a Series 1 financing led by BioGenerator. Also participating in the round is Galera Angels, LLC, an angel investment group, and Analytical Bio-Chemistry Laboratories, Inc. (ABC), of Columbia Missouri. Proceeds from the financing will be used to advance Galera's lead program targeting the prevention of oral mucositis, and to further the development of the company's proprietary platform for other cancer therapy side effects.
“We've developed a strong relationship with the team of professionals at Galera, and are well positioned to help them advance this novel, very important new therapy.”
Galera was founded in 2009 by a team of experienced executives and drug developers led by Dennis Riley, Ph.D., inventor of a class of drugs known as dismutase mimetics. Dr. Riley has authored studies showing that these compounds both improve the efficacy and reduce the side effects of cancer immunotherapeutics. "These candidates have looked very promising not only for reducing the side effects of current cancer therapies, but also for potentially increasing their effectiveness," stated Randy Weiss, Ph.D., chief executive officer of Galera Therapeutics. "Since the compounds also already have been in human safety trials, this is an incredible opportunity to rapidly move a lead candidate into a proof-of-concept study in the prevention of oral mucositis. Success would be welcome news to the thousands of patients suffering from radiation side effects, especially given the lack of approved drugs to prevent this very serious complication."
Galera's dismutase mimetics act to convert the large levels of superoxide generated during radiation or chemotherapy into hydrogen peroxide, which normal cells dispose of easily. Unchecked, this superoxide causes serious damage to normal tissue, causing for example, severe oral mucositis during radiation therapy for head-and-neck cancer. Tumor cells on the other hand, are not well-equipped to deal with hydrogen peroxide, and thus are not protected by the dismutase mimetics. The first dismutase mimetic candidates have already completed extensive human safety testing, and Galera expects to select and move a lead candidate into Phase 2a studies within the next year.
"We are pleased to have led this round of financing for Galera," said Eric Gulve, Ph.D., President of BioGenerator. "To invest here in St. Louis in an experienced management team committed to improving lives is exactly why BioGenerator was formed. We are also excited to be partnering with other investors from the region in this and other recent projects supporting emerging life sciences companies in the area."
"ABC Laboratories is pleased to contribute its drug development experience and capabilities to Galera's program," said John D. Bucksath, Senior VP and General Manager of ABC's pharmaceutical division."We've developed a strong relationship with the team of professionals at Galera, and are well positioned to help them advance this novel, very important new therapy."
Bob Calcaterra, President of the St. Louis Arch Angels, who led the investment by Galera Angels, LLC added, "This sort of opportunity: quick, efficient progress to proof-of-concept for a product and program that could be very interesting to potential acquirers is exactly the type of investment we like in the current market."
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