QR Pharma Issues $5.7M of Series A Preferred Stock
QR Pharma, Inc., a privately held biopharmaceutical company developing novel therapies for the treatment of Alzheimer’s, Parkinson’s and other neurodegenerative diseases, has closed on $5.7 M of Series A Preferred Stock financing.
The round was comprised of $1.1 M of new investments and the conversion of convertible debt.
QR Pharma will use the funding to study its lead compound, Posiphen®, in a number of additional indications of neurodegeneration and to support the company through the end of a phase II clinical study in Alzheimer patients.
The round was led by QR Pharma’s chairman, Michael Hoffman; participants were Robin Hood Ventures, existing angel investors and additional angel investors from Delaware Crossing and from Keiretsu Forum. “This financing increases our investor base and expands our network. Together with $3M from the US Army and $2M from the NIH it provides QR with adequate means to test Posiphen to efficacy in humans,” said QR President and CEO Maria Maccecchini, PhD.
The drug QR Pharma is developing represents a new approach to the treatment of neurodegenerative diseases. Posiphen is neuroprotective. By inhibiting the synthesis of neurotoxic aggregating proteins it protects nerve cells from these toxic proteins and prevents them from dying.
About QR Pharma: Headquartered in Berwyn, Pennsylvania, QR Pharma, Inc. is a clinical-stage specialty pharmaceutical company committed to developing therapeutics with novel approaches to the treatment of cognitive impairment in neurological disorders. QR has successfully completed animal studies in Alzheimer’s and Parkinson’s disease models; is expanding the drugs application to Huntington’s, glaucoma and traumatic brain injury, was awarded $3 M from the US Army to work in Traumatic Brain Injury (TBI); and has recently been chosen by the NIH for a human phase 2 clinical trial in Alzheimer’s patients.
QR currently has two product development programs: Posiphen as a neuroprotectant in a number of neurodegenerative diseases and BNC for advanced AD.
Forward-Looking Statements: Certain statements in this press release concerning the development of QR Pharma’s products and the potential benefits and attributes of such products are “forward-looking statements”, as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, assumptions and uncertainties that could cause actual future events or results to differ materially from such statements; they are made as of the date of this press release.
For more information on QR Pharma, please visit the company’s website, www.qrpharma.com.