FOR IMMEDIATE RELEASE
August 31, 2009
Salient Pharmaceuticals Exceeds Second Round Funding Goal
HOUSTON, Texas — Salient Pharmaceuticals Incorporated, a company developing a novel approach to preventing and/or treating severe acute and chronic diarrhea, today announced that it more than doubled its second round investment goal, much of it from previously committed investors. $1,160,000 was raised with approximately half coming from previous investors or entities associated with first round funding in April 2008.
The funding will be used to support Salient’s ongoing Phase II clinical trial and launch additional studies for other indications. The Company’s proprietary lead compound is intended for use in treating severe diarrhea associated with chemotherapy, chronic conditions, infectious diseases and other drug therapies.
Launched in February 2009, the current Phase II trial is studying the ability of Salient’s product to prevent and/or treat diarrhea in metastatic colorectal cancer patients receiving irinotecan®. The study is being conducted at MD Anderson Cancer Center and twelve other clinics across the nation with a target of enrolling 100 patients. It is being supported by the National Cancer Institute’s Community Clinical Oncology Program.
“We are now moving into our third year of work with our compound. We believe investors are pleased that we are delivering on our plans and with the product’s promise. Our goal was to secure approximately $500,000 in this round but interest and commitments quickly exceeded that target. We are enthused with the progress we are making in both clinical and pre-clinical studies and continue to be confident in our product,” said Richard Scruggs, President and CEO of Salient Pharmaceuticals.
The company closed its first round of investment funding in April 2008. Much of that investment was provided by members of the Houston Angel Network. The Network continues to be one of the primary supporters of Salient. Scruggs is pleased that the Network generated just under $500,000 of the second round oversubscription. In addition, almost $900,000 of the second round total came from the Houston area alone further demonstrating the region’s willingness to support life sciences research.
Formed in 2007, Salient Pharmaceuticals is a Houston, Texas based life sciences company whose 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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