5AM Ventures and Lundbeckfond Ventures co-lead $16M Series A for scPharmaceuticals Inc
Boston-based pharmaceutical firm scPharmaceuticals secured $16 million for its Series A funding round jointly led by 5AM Ventures and Lundbeckfond Ventures, a statement about the funding said.
scPharmaceuticals, which is now putting together a portfolio of transformative pharmaceutical products for subcutaneous delivery, will deploy the funds towards the development of its first two products as well as its related drug delivery technology. The first product is geared towards making heart failure medication furosemide conveniently available "anytime, anywhere" subcutaneously. The second product, meanwhile, is a new drug-device combination of a cephalosporin antibiotic which can be administered intramuscularly and intravenously. The two products helps patients and provides a safer and hassle-free way to treat diseases, the statement said.
scPharmaceuticals Co-Founder Dr. Bertram Pitt who is also a Professor of Medicine Emeritus at the University of Michigan said in the statement, "Over the past 50-years, we have witnessed a slow transition from an in-patient and clinic-based care model to one where patients are treated more and more where and when the treatment is needed. We expect the subcutaneous furosemide product to play an important role in reducing heart failure emergency room visits and hospital admissions and consequently reduce the burden for patient and society."
5AM Ventures Partner and scPharmaceuticals Director Kush Parmar, MD, PhD, added that the biotech firm can potentially set up a novel model for pharmaceutical and care "where common and widely used parenteral drugs can be conveniently self-administered subcutaneously," the statement said.
The products developed by scPharmaceuticals are innovative because they are administered through a patch pump device that is taken from Switzerland-based Sensile Medical's SenseCore technology, the statement said.
scPharmaceuticals Founder, President and CEO Dr. Pieter Muntendam said in the statement, "5AM and Lundbeckfond Ventures are two of the most prominent life sciences venture investors and it is a privilege to welcome them as co-leads of our Series A investment."