SOUTHPORT, Connecticut, May 3, 2013 – Thetis Pharmaceuticals LLC, a development stage pharmaceutical company focused on cardio-metabolic disease, announced today it has closed a $5.7 million Series A financing, led by Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing in new technology innovation, and involving Stonehenge Partners and angel investors. The capital will be used to fund pre-clinical and early clinical development of the company’s lead compounds in diabetes and dyslipidemia. Thetis is advancing several new therapeutics that chemically combine metformin, the standard of care in type 2 diabetes, with the principal components from omega-3 polyunsaturated fatty acids – EPA and DHA.
Gary Mathias, CFO and co-founder of Thetis, commented, “In a tough environment for raising early stage funding, Thetis succeeded in attracting capital based on having differentiated new therapeutics in big disease areas. We have pre-clinical data showing that our drugs have prospects for better efficacy and regulatory efficiencies, which together with our intellectual property create a compelling value proposition for investors.”
“CI is excited to lead this Series A in Thetis Pharmaceuticals.” said Dave Wurzer, CI managing director of investments and Thetis board director. “We are pleased with Thetis’s progress over the last 18 months in developing and advancing several promising compounds in the cardio-metabolic arena. We like Thetis’ strategy of rejuvenating proven drugs to enable rapid registration of these products. In a biotech market where new drugs cost upwards to $1 billion and take 8-10 years to develop, we feel that Thetis’ drugs will be attractive to partners seeking to in-license low-risk candidates with strong commercial upside to expand their pipelines.”