PHILADELPHIA, Feb. 27, 2018 (GLOBE NEWSWIRE) -- SteroTherapeutics, a privately held biopharmaceutical company developing metabolic-based therapies focused on non-alcoholic steatohepatitis (NASH), announced today the recent completion of initial financing. This initial financing was successfully led by the current management team.
“We are grateful for the continued support of our existing investors, and welcome new investors to team with SteroTherapeutics,” said Manohar Katakam Ph. D., CEO of SteroTherapeutics. "The net proceeds from this financing will be used for ongoing preclinical development, initiate the Phase I/II clinical trial, as well as additional research and development activities including funding incremental working capital. SteroTherapeutics is currently positioned to accelerate development of the NASH Phase II clinical which will commence in 2019. This NASH clinical trial will target multiple critical NASH-related outcomes including the reduction of triglycerides, insulin resistance, weight loss, and the prevention and/or abrogation of hepatic steatosis and fibrosis.”
The American Liver Foundation estimates that over 5 million people have NASH with advanced fibrosis in the United States. The situation is a major healthcare crisis as NASH has no FDA approved treatments and is a leading cause of liver-related morbidity and mortality. Analysts are forecasting that the market for NASH treatment could reach $35-$40 Billion by 2025.
Based upon the current disease pathology and the therapies currently in development, it is clear that, not unlike other liver diseases, a combination of therapies will be needed. The safety and mechanisms of actions of the SteroTherapeutics’ clinical candidate are optimal for combination therapy with both existing and future treatment modalities.
Katakam added, “With this financing, SteroTherapeutics will be sufficiently capitalized to initiate NASH clinical study as well as continue to strengthen and expand the management team. We are pursuing a drug that has a very real potential to become the optimal agent of choice and a standard of care for patients with NASH.
About SteroTherapeutics
SteroTherapeutics, a Philadelphia, PA area based company, is focused on developing novel therapies for significant unmet needs in liver diseases and cancer.
Sterotherapeutics lead products has been proven in previous human studies to possess a strong safety profile and established mechanisms of action for the NASH etiology. The company is seeking orphan drug opportunities that exist in unmet and/or underserved needs in Cushing's syndrome and rare breast cancer indications.
SteroTherapeutics is managed by a veteran team that has significant experience in the pharmaceutical and biotechnology industry. The team has specific experiences in the development, manufacturing and commercialization of small molecule and biologics based products.
INVESTOR RELATIONS CONTACT:
Tony Schor, Investor Awareness, Inc. on behalf of
SteroTherapeutics, LLC
tschor@sterotx.com/ (847) 945-2222 ext. 221