Faraday Pharmaceuticals Secures $25 Million Funding to Advance Therapy for Cardiac and Skeletal Muscle Loss

On September 24, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that biopharmaceutical company Faraday Pharmaceuticals (“Faraday”) announced the completion of a $25 million financing round (the specific round was not disclosed). Investors in this round included ARCH Venture Partners (“ARCH”) and Polaris Partners.

It is reported that Faraday previously completed four rounds of financing, raising a total of $880 million. In addition, Steven Gillis, Managing Director of ARCH, will serve as Chairman of Faraday’s Board of Directors.

Faraday Pharmaceuticals, established in 2014 and headquartered in Seattle, USA, is a biopharmaceutical company. The company is dedicated to developing Elemental Reducing Agents (ERAs) as therapeutic agents that can modulate the levels of elements such as iodine and selenium in critically ill patients, including those with heart disease, thereby improving their prognosis. Spun out from the Fred Hutchinson Cancer Research Center in the United States, the company develops its products based on the research findings of Dr. Mark Roth.

Myocardial infarction, also known as heart attack, refers to myocardial necrosis caused by acute or persistent ischemia and hypoxia of the heart. This disease is most prevalent in Europe and the United States, with approximately 1.5 million cases occurring annually in the U.S. In recent years, the number of myocardial infarction patients in China has shown a significant upward trend, with at least 500,000 new cases each year and a current patient population of at least 2 million.

In the late stage of myocardial infarction, the ventricles may dilate outward due to intraventricular blood pressure, forming a ventricular aneurysm. This leads to a decreased stroke volume, resulting in inadequate perfusion of tissues and organs throughout the body. Furthermore, ICU patients may lose 10% to 12% of their skeletal muscle strength within one week.

Faraday focuses on providing novel therapies for patients after heart surgery. When patients are bedridden during hospitalization, their condition often worsens due to lack of muscle exercise. The company's primary candidate product is an iodide-containing drug that can be used to prevent reperfusion injury caused by heart disease.

Recently, Faraday conducted a Phase II clinical study involving 120 healthy volunteers to ensure medication safety. Additionally, the company is preparing for a Phase III study plan to evaluate the therapeutic efficacy of its agent in treating ST-segment elevation myocardial infarction (STEMI).

Steve Hill, CEO of Faraday Pharmaceuticals, stated, “Many diseases worsen due to loss of muscle strength. We aim to minimize morbidity by reducing damage to cardiac and skeletal muscles.”

ARCH, founded in 1986 and headquartered in Chicago, USA, is a venture capital firm focused on early-stage investments. The company primarily invests in the healthcare and clean energy sectors.

Polaris, founded in 1996 and headquartered in Boston, Massachusetts, USA, is a diversified company integrating big data, biotechnology, and venture capital. The firm manages over $4 billion in assets and has invested in more than 250 companies.

(Compiled by Xu Xiaoxue)