CoLucid Pharmaceuticals has raised $7.5 million of a planned $9.5 million financing to support the central nervous system drug development company’s late-stage development of its novel migraine headache treatment.
Participating in the convertible note financing were existing investors Pappas Ventures, Domain Associates, Care Capital, Pearl Street Venture Funds and Triathlon Medical Ventures.
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Durham, North Carolina-based CoLucid’s lead drug candidate is called lasmiditan. The compound is being developed as a migraine treatment that offers headache relief without the cardiovascular side effects associated with triptans, the class of drugs currently used to treat migraines. CEO Thomas Mathers said in a statement that CoLucid is preparing for additional clinical studies that will demonstrate lasmiditan’s safety compared to triptans. The company is also talking with the U.S. Food and Drug Administration about final phase 3 clinical trial plans.
“This financing provides important working capital for CoLucid to further advance lasmiditan into phase 3 development,” Mathers said.
CoLucid is also talking with potential drug partners who could take lasmiditan into late-stage clinical trials and planning to move the compound into those clinical studies in 2012.
Lasmiditan was licensed from Eli Lilly (NYSE:LLY) and the compound was initially called COL-144. CoLucid also has in its drug pipeline preclinical candidates for the treatment of sleep/wake disorders, chronic pain, Alzheimer’s disease and psychiatric disorders.
