DuoCort completes SEK 6 million financing
DuoCort AB, a privately-held Swedish drug development company, announced the successful completion of a 6 million kronor financing for the next phase of development of its Orphan-designated hydrocortisone dual-release tablet for the treatment of adrenal insufficiency. DuoCort expects to begin a Phase II clinical trial of the new product in early 2007 to establish its safety and benefit to patients.
The entire financing round was provided by DuoCort´s shareholders, consisting of the founding researchers, PULS AB, angel investors, private individuals and Catella Healthcare. The orphan-designated product is a novel, modified release, oral hydrocortisone tablet for patients with chronic adrenal insufficiency. DuoCort´s objective is to improve today´s thrice-daily glucocorticoid replacement therapy with a once-daily regimen. This is more convenient and thus improves patient compliance.
Moreover, DuoCort´s new tablet also delivers a more physiological dose of the active substance, better mimicking the body´s own glucocorticoid serum profile.
Research on patient groups with current glucocorticoid replacement therapy demonstrates that patients are not optimally treated and have more cardiovascular disease and osteoporosis. Recent data also suggest an almost 3-fold increased mortality.
Chronic adrenal insufficiency is a niche indication which affects an estimated 125,000 patients in the European Union.
DuoCort, founded in 2003, is a research-based drug development company focussed on improving glucocorticoid therapy in several areas of medical need. DuoCort has its origins among researchers at the Endocrinology and Clinical Pharmacology Departments at the Sahlgrenska University Hospital in Göteborg, Sweden, and the Department of Pharmacy at Uppsala University, Sweden.
P.U.L.S. AB, Partners för Utvecklingsinvesteringar inom Life Sciences, is a virtual pharmaceutical company which supports development and investment in early stage Life Science projects by partnering with research entrepreneurs to develop their ideas into commercial products.
