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SynDevRx stacks Series A round up to $1.2M

Wed, 07/21/2010 - 11:32am
Mass High Tech: The Journal of New England Technology

SynDevRx Inc., an anti-angiogenesis startup based in Cambridge, has added approximately $725,000 in funding to its previous tranche of what appears to be a Series A round, bringing the total raised to $1.24 million, according to federal documents.

In July of last year, SynDevRx took in $570,000 of a planned $1.57 million funding round. It is the only round filed with the U.S. Securities and Exchange Commission, and the latest filing is an amendment to that round. The company had said in March of 2009 that it was looking to close a Series A round of $4 million.

SynDevRx is developing two drugs, Caplostatin and Lodamin, that target an enzyme that controls the vascular cells, based on a drug called TNP-470, that was discovered accidentally in Judah Folkman’s lab at Children’s Hospital Boston in 1990.

In 1991 Japan-based Takeda Pharmaceutical Co. Ltd. licensed the compound and took over its development. Takeda abandoned it in 2001 because of physical limitations, like the fact that it didn’t mix with water. Folkman’s lab then took it and developed a polymer version of TNP-470 called Caplostatin, which compensated for prior shortcomings. SynDevRx, founded in 2007, is now developing it to the clinical proof-of-concept stage.

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