FOR IMMEDIATE RELEASE
April 10, 2008
Salient Pharmaceuticals Closes First Round of Angel Funding
HOUSTON, Texas — Salient Pharmaceuticals Incorporated, has today announced the successful completion of its first round of national funding. $475,000 was raised from investors in Texas, Washington and North Carolina, with approximately $250,000 coming from members of the Houston Angel Network.
With the investment, the Company will finalize plans for its first Phase II clinical trial, file the required regulatory documents and further its patent applications. The Company’s focus is on developing and proving the efficacy of its proprietary compound for use in treating severe diarrhea associated with chemotherapy, chronic conditions, infectious diseases and other drug therapies.
“This is a major step in our goal to bring to market an effective treatment for those that suffer the debilitating effects of acute and chronic diarrhea,” said Richard Scruggs, President and CEO of Salient Pharmaceuticals.
“I am pleased with the response from our local investors, particularly those from the Houston Angel Network. They reviewed our progress, management team and business plans, and then participated at a level that was very gratifying. Early stage investment capital from groups such as the Network is so important for life science start-ups. With their support as a foundation, we were able to secure additional interest from investors in other parts of the country,” said Scruggs.
The Company expects to seek additional funding within the next twenty-four months as the Company begins enrolling patients in its first Phase II trial and initiates other research efforts.
Salient Pharmaceuticals is a Houston, Texas-based company formed in 2007. Its mission is to improve health and quality of life while strengthening the odds of therapy success for patients who suffer from the debilitating effects of chronic and/or acute diarrhea.
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Contact:
Contact: 512-427-3117