Atlantic Healthcare has raised $24 million in its new financing with the founders of Salix Pharmaceuticals and Clinigen Group stumping up much of the cash.
The money will assist the U.K.-headquartered firm secure enough funds to complete its Phase 3 trial of alicaforsen in pouchitis, and then file for regulatory approval in the state of North America and Europe from next year.
Dr. Lorin Johnson, scientific founder of NC-based GI specialist Salix, has also joined the board of Atlantic while also taking on an executive role as the firm's new chief scientific adviser.
Johnson worked at Salix until its multi-billion dollar buyout in the month of April previous year by Canada's embattled Valeant. Prior to Salix, Johnson was chief scientist at California Biotechnology.
Like ulcerative colitis (UC), pouchitis is a progressive disease marked by inflammation, ulceration, increasingly uncontrolled, frequent and urgent emptying of the bowel and is a common complication of ileal pouch surgery. Nearly 100,000 persons are considered to have it in the U.S. with similar numbers affected in Europe.
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