Variant Pharmaceuticals Secures $10 Million Financing to Advance Orphan Drug Candidates for Rare Kidney Diseases

VCBeat (WeChat ID: vcbeat) learned from foreign media that on December 3, 2018, U.S. local time, Variant Pharmaceuticals (hereinafter referred to as “Variant”), a clinical-stage biopharmaceutical company dedicated to developing innovative solutions for patients with rare diseases, announced that it had secured $10 million in financing from the South Korean company Incon.

This marks another capital infusion for Variant, following its $3 million early-stage funding round raised from investors in 2015.

Image source: Variant official website

The newly injected capital will be used to advance the clinical and non-clinical development of Variant’s lead candidate, VAR 200 (2HPβCD), including the manufacturing of clinical supplies and the conduct of Phase 2a trials in patients with focal segmental glomerulosclerosis (FSGS). The funding will also be utilized to expand Variant’s team.

As one of the investment conditions, following this round of financing, Incon will obtain the rights to sell and distribute Variant’s renal tubule compounds (VAR 200, VAR 300, and VAR 400) in Asian countries excluding Japan. Meanwhile, Stephen C. Glover, Co-founder, CEO, and Chairman of Variant, will join Incon’s Board of Directors.

Variant, founded in 2014 and headquartered in Florida, USA, is a biopharmaceutical company in the research and development stage. Its primary orphan drug candidate is hydroxypropyl-beta-cyclodextrin (HPβCD), which is being developed for two orphan indications: VAR 200 for focal segmental glomerulosclerosis (FSGS) and VAR 300 for Alport syndrome (AS). Both conditions are rare, progressive kidney diseases associated with cholesterol and lipid accumulation. These disorders impair renal function and may ultimately lead to the need for dialysis or kidney transplantation. HPβCD works by capturing and removing lipids that can damage the kidneys, with the expectation that it will delay disease progression and prevent or reduce the need for dialysis or transplantation in patients with FSGS and AS. Currently, Variant is also exploring the applicability of HPβCD for other orphan indications.

Stephen C. Glover, Co-founder, CEO, and President of Variant, previously served as Founder and Chief Business Officer (CBO) of Coherus Biosciences, a publicly traded company based in California. Founded in 2010, Coherus Biosciences is a biopharmaceutical company focused on the treatment of oncology and inflammatory diseases.

Variant, founded in 2014 and headquartered in Weston, Florida, USA, is a biopharmaceutical company in the R&D stage dedicated to developing innovative solutions for patients with rare diseases. Its lead orphan drug candidate is hydroxypropyl-beta-cyclodextrin (HPβCD), indicated for the treatment of rare progressive kidney diseases associated with cholesterol and lipid accumulation.

Incon is a publicly listed company (stock code: KOSDAQ) headquartered in South Korea, dedicated to connecting technology with life. Its wireless technologies are widely applied in smart city development, intelligent fire monitoring systems, smart safety lighting, and intelligent odor detection systems.

Recently, Incon has begun investing in the biopharmaceutical and medical technology sectors, with a focus on cancer immunotherapy and medical implant technologies.