Ann Arbor-based QuatRx Pharmaceuticals Co. announced on Tuesday it had raised nearly $44 million in a Series E financing round. The company said the new funding will be used mostly to complete ongoing Phase 2 and Phase 3 clinical studies of QuatRx's two drug candidates to treat endocrine disorders, Ophena and fispemifene. It will also be used for Phase 1 clinical studies of a cholesterol-lowering compound, QRX-431.
The company said each of these compounds is positioned to address markets with annual sales potentials in excess of $1 billion. Venrock, a California-based venture firm originally founded as the investing arm of the Rockefeller family, led the financing.
QuatRx has also partnered with Newton, PA-based Collagenex to develop and commercialize becocalcidiol, a skin cream used to treat psoriasis. Considering that 7.5 million Americans suffer from the itchy skin condition, the ointment has a ready and willing market.
These announcements are just the latest in a string of successes for QuatRx following its acquisition of Finland-based Hormos Medical in May 2005. Company spokesperson Julia Owens described the acquisition as "a major step. We've had slow and consistent growth over the last few years."
There are 35 employees in Ann Arbor, three of which were added near the end of 2006. Owens anticipates adding a couple more to the staff this year, then holding "at a steady state for a while."
Source: Julia Owens, QuatRx
Writer: Kelli B. Kavanaugh
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