Healthcare Veterans Launch Martin Pharmaceuticals To Repurpose Drugsfor Orphan Indications; Seed Round Oversubscribed
Healthcare Veterans Launch Martin Pharmaceuticals To Repurpose Drugs
for Orphan Indications; Seed Round Oversubscribed
NEW YORK, New York, March 15, 2018 — Two accomplished healthcare executives,
David Martin Geliebter and Sven Martin Jacobson, founders of Remedy
Pharmaceuticals, announced the launch of Martin Pharmaceuticals, with the mission of
repurposing already-approved drugs in order to offer life-changing advances to patients
afflicted with rare (orphan) diseases or challenging medical conditions. Martin is the
sixth healthcare company the pair has started since 2001.
In May 2017, Remedy Pharmaceuticals sold its repurposed, orphan-designated CNS drug
program, CIRARA® to Biogen (NASDAQ:BIIB) for a $120 million upfront payment plus
future potential milestones and royalties.
Martin also revealed that it completed a seed round of financing from a group of
outside investors to advance a clinical-stage, repurposed drug program. The offering
was oversubscribed. No other details were provided other than the Company is planning
to start recruiting patients into a phase 1/2 trial for an unspecified life-threatening acute
ABOUT MARTIN PHARMACEUTICALS
Martin Pharmaceuticals, Inc. is a privately held pharmaceutical company headquartered
in the historic Woolworth building in New York City. We concentrate on uncovering
already-approved drugs and repurposing them to benefit patients facing a different
need than originally intended for those medications.
We also focus our discovery efforts on “orphan” indications. In the U.S. the Orphan Drug
Designation program provides orphan status to drugs and biologics which affect fewer
than 200,000 people. Orphan Drug Designation provides companies with, among other
benefits, tax incentives and the exclusive right to commercialize the cure for a specific
condition for a period of seven years without interference from potential competitors.
Europe, Japan, and Australia have similar programs.
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