• Pearl Therapeutics

  Participated · Equity · Jul 2008

  Pearl Therapeutics develops combination therapies for highly prevalent respiratory diseases, primarily chronic obstructive pulmonary disease (COPD) and asthma. Its lead candidate, PT003, combines glycopyrrolate (a long-acting muscarinic antagonist, LAMA) and formoterol fumarate (a long-acting beta-2 agonist, LABA) delivered via a metered dose inhaler (HFA MDI). The company intends to use the newly raised capital to start Phase 3 trials for PT003. Pearl was founded in 2006 and is led by CEO Chuck Bramlage. The business recently completed a $65M Series D financing to fund clinical development. It focuses on inhaled combination therapies aimed at addressing unmet needs in chronic respiratory care. Pearl Therapeutics develops clinically differentiated combination therapies targeting highly prevalent chronic respiratory diseases, with a lead product, PT003, a combination bronchodilator for COPD. The company is based in Redwood City, CA. The $69M Series C financing will enable Pearl to complete the entire Phase 2b program for PT003. After concluding Phase 2b, Pearl expects to initiate Phase 3 clinical trials in late 2012. The financing brings the company’s total funding to $102.5M raised since 2007. Management changes tied to the round include a new board member and a board observer from the lead investor. Pearl Therapeutics is a Redwood City, CA–based developer of therapies for chronic respiratory diseases. Its lead product is PT003, a combination therapeutic for the treatment of chronic obstructive pulmonary disease (COPD). The company announced a $15M financing from existing investors Clarus Ventures, New Leaf Venture Partners and 5AM Ventures. The capital was raised through a convertible loan facility that will convert to Pearl equity at the time of a Series C financing. Pearl will use the new capital to initiate a Phase 2b clinical trial of PT003. The company also promoted William Picht, Jr., to vice president, finance and administration. Pearl Therapeutics develops inhaled drugs targeting respiratory diseases including COPD and asthma. The company licensed a particle-based technology from Nektar Therapeutics to improve inhaled drug targeting and lung distribution and reduce side effects. It plans to expand its product line using newly secured financing. Pearl recently raised $8 million in venture debt from Oxford Finance and Silicon Valley Bank to support that expansion. The company previously raised $33.5 million over two funding rounds, including an $18 million investment in July 2008, with backers such as New Leaf Ventures, 5AM Ventures, and Clarus Ventures. Pearl has not disclosed whether its products are in clinical trials or when they might reach the commercial market. Pearl Therapeutics is a Redwood City, Calif.-based biopharmaceutical company. The company increased its first round to $33.5 million following an additional $18 million investment. New investor Nektar Therapeutics joined prior backers Clarus Ventures, New Leaf Ventures and 5AM Ventures in the raise. Including debt financing, Pearl Therapeutics now has $36.4 million. The article does not disclose product details, operating metrics, or planned use of proceeds.

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