Heart Metabolics Limited Raises $20 Million For Heart Disease Drug Trials

Heart Metabolics Limited, which is based out of Dublin, Ireland, has announced that it has raised $20 million for Phrase 3 clinical trials on a heart disease drug, perhexiline. The drug, perhexiline, is designed to treat hypertropic cardiomyopathy, which is a disease that can cause sudden death in athletes. Hypertropic cardiomyopathy, or HCM, is considered the most common of all hereditary heart diseases. There are not currently any FDA approved drugs for HCM, and patients currently have few options for treatment. Heart Metabolics Limited has already completed Phase 2 clinical trials for perhexiline, with positive results. The Phase 3 clinical trials are expected to begin in the first quarter of 2015.

Heart Metabolics’ CEO Peter Milner spoke about the funds raised in the company’s press release. “We are excited to raise the funds necessary from high caliber investors to accelerate the development of perhexiline in a pivotal phase three clinical trial,” said Milner. “Based on previous clinical data, we believe this drug will be an effective therapy for the rare but deadly heart disease, hypertrophic cardiomyopathy.”

Moving forward, the company hopes to obtain a Special Protocol Assessment (SPA) from the FDA in 2014. This will enable the Phase 3 clinical trial to begin in early 2015. Perhexiline currently has an orphan drug designation in the U.S., and the company is working to obtain this designation in the EU.

The funding for the research came from a variety of sources, including venBio, Brandon Capital Partners, Seroba Kernel Life Sciences, and AshHill. Corey Goodman, venBio’s managing partner, also released a statement. “We look forward to working with a terrific management team, clinical experts and group of investors to move this promising drug forward into a phase three clinical trial for patients suffering from this serious orphan disease,” said Goodman.