New Investment to Advance New Product Candidates to Phase 1 Clinical Trials
April 7, 2021 (Farmingdale, NY) – DepYmed, Inc., a pharmaceutical company focused on a novel phosphatase inhibition technology platform with potential therapeutic application across multiple different diseases, today announced the completion of a new financing led by Topspin Fund, L.P. and additional investors for a total of $8.3 million. The investment will provide capital to complete preclinical development of DepYmed’s lead product candidates in anticipation of commencing Phase 1 clinical trials within the next year, as well as to expand the company’s management team.
“Working in collaboration with our scientific founder, Nick Tonks, PhD, at Cold Spring Harbor Laboratory, we have successfully developed an exciting new generation of first-in-class orally bioavailable PTP1B inhibitors with clear potential to improve treatment in a very wide range of diseases,” said Andreas G. Grill, DepYmed’s President and CEO. “This new financing marks a major milestone in that effort that will allow us to move our lead programs forward to the point where they are ready for first-in-human clinical trials.”
Dr. Tonks, Professor and Deputy Director of the Cancer Center at Cold Spring Harbor Laboratory and Scientific Founder and Advisor to DepYmed, commented, “Although I originally discovered PTP1B some time ago, we have now developed the first orally bioavailable inhibitors of this enzyme that have all the properties to make them attractive potential medicines. As a research scientist, nothing is more gratifying than to see your discoveries realize their potential to treat human disease.”
Leo Guthart, a partner at Topspin Fund and DepYmed board director, said, “Topspin has been privileged to be involved with several technologies that have progressed into clinical trials and ultimately approved for clinical use. We believe that opportunities with the potential to benefit the treatment of human disease, such as presented by DepYmed, are rare.”
DepYmed has multiple development programs using small molecule PTP1B inhibitors and copper chelators as potential treatments for Rett Syndrome, cancer, and Wilson Disease. DepYmed is also developing a pipeline of new, earlier-stage PTP1B inhibitors in collaboration with Cold Spring Harbor Laboratory with additional target indications in oncology, metabolic and central nervous system (CNS).
ABOUT DEPYMED, INC
DepYmed Inc., is a New York based cancer and rare disease therapeutic development company that was founded to capitalize on the scientific discoveries of the Tonks lab in PTP1B (protein tyrosine phosphatase 1B) signaling and ways to modulate its role in various human diseases. DepYmed is currently developing a new class of potent, orally bioavailable inhibitors of the PTP1B enzyme as potential novel therapeutics for HER2-positive breast cancer and Rett Syndrome. In addition, DepYmed has also discovered a novel class of small molecules with copper chelating properties that it is developing as potential therapeutic agents for diseases like Wilson Disease and various cancers. The company is actively developing a deep pipeline of new compounds in these new emerging drug classes in collaboration with Cold Spring Harbor Laboratory to exploit their broad therapeutic potential.