Vicept completes $16 million Series A financing

Jun 30 2010

Vicept™ Therapeutics Inc., a privately held specialty biopharmaceutical company dedicated to developing the first effective topically applied therapy for erythema (facial redness) of rosacea, announced that it has secured $10 million to complete a total $16 million Series A financing. The Series A was led by Vivo Ventures, Sofinnova Ventures and Fidelity Biosciences. Proceeds from the financing will be used to fund Phase I and II development of V-101, the company's lead investigational product for the treatment of rosacea, as well as a second product to treat various forms of bruising and purpura.

“We are focused on creating and developing novel products for use in the largest and fastest growing sectors of the dermatology market”

"We are focused on creating and developing novel products for use in the largest and fastest growing sectors of the dermatology market," said Dr. Neal Walker, president and chief executive officer of Vicept. "There is a significant and unmet need in the industry for an effective topical therapy for the erythema, or facial redness, associated with rosacea."

Rosacea is a common, chronic condition of the skin. An estimated 16 million people in the United States and over 45 million people worldwide are affected by rosacea. Rosacea typically occurs in a central facial distribution (cheeks, nose, forehead, and chin) and is most commonly associated with a history of flushing or blushing (transient erythema), persistent facial redness (nontransient erythema), facial telangiectasias (blood vessels), and papules and/or pustules which may resemble acne.

"We are delighted by the strong investor interest in this round of financing which will allow us to continue to advance the development of our product pipeline utilizing our novel, patent protected α-adrenergic receptor technology for the treatment of diseases of the skin," added Dr. Walker. "With this investment, we will have the necessary resources to continue progress with our lead candidate through Phase II for rosacea as well as pursuing other dermatologic conditions including actinic purpura and peri-procedural bruising of the skin."

"We believe Vicept's product pipeline has the potential to fulfill a variety of unmet needs in the dermatology market. We are excited to partner with the outstanding team of investors and management of the company to help grow the company and its products to the next level," said Albert Cha, M.D., Ph.D., managing partner of Vivo Ventures.

Vicept was co-founded in 2009 by Dr. Neal Walker, Vicept's president and chief executive officer, who is also a board certified dermatologist. Dr. Walker has co-founded a number of life science companies and brings more than 16 years of pharmaceutical industry experience in research and development, regulatory affairs, and business development to the Vicept team.

Stephen Tullman, co-founder of and president and CEO of the former Ception Therapeutics (now Cephalon), serves as Executive Chairman of the Board of Directors of Vicept. Also joining Dr. Walker on Vicept's Board of Directors are Albert Cha, M.D., Ph.D., managing partner at Vivo Ventures, Thomas Beck, M.D., venture partner at Fidelity Biosciences, and Anand Mehra, M.D., partner at Sofinnova Ventures.