BOULDER, Colo., Dec. 22, 2014 /PRNewswire/ -- N30 Pharmaceuticals, Inc. ("N30 Pharma"), a clinical-stage, biopharmaceutical company focused on the development of therapies for cystic fibrosis (CF), announced today that the Company's board of directors has appointed Jon Congleton to the position of President and Chief Executive Officer (CEO). Congleton will also join the Company's board of directors.
Congleton brings more than twenty-five years of senior management and product commercialization experience in the pharmaceutical industry to N30 Pharma. Congleton was previously at Teva Pharmaceuticals, Ltd., where over 18 years he held positions in general management and global strategic marketing, including Senior Vice President of Teva's Central Nervous System Global Franchise, Senior Vice President of the Global Medicines Group, and General Manager of Teva Neuroscience, Inc. Congleton graduated from Kansas State University with a bachelor's degree in marketing and a focus in microbiology.
"It is an exciting time to be joining N30 Pharmaceuticals, with the Company's lead compound, N91115 for cystic fibrosis, moving through Phase 1 clinical trials after encouraging early data," said Congleton. "N91115 is intended to address a significant unmet need in the treatment of cystic fibrosis, and I look forward to working with the N30 team to advance this novel compound through clinical development."
N30 Pharma recently secured $30 million in a private placement of its preferred stock. Proceeds from the financing will be used primarily to advance the Company's clinical trial program for N91115.
"Jon's mix of business development, operations and commercialization experience make him well suited to drive N30 through its next phase of development," said Howard Furst, M.D., chairman of the board of directors of N30 Pharma and partner at Deerfield Management Company, LP. "Jon is an industry veteran with an excellent reputation for growing organizations, driving corporate development activities and building and commercializing pipelines, and we believe the Company will build upon its solid foundation under his leadership."
About N91115
N91115 is a novel inhibitor of S-nitrosoglutathione reductase (GSNOR). N30 Pharma recently completed a Phase 1 dose-escalation trial of orally administered N91115 in healthy volunteers. No dose limiting toxicities were identified by the data monitoring committee for the trial. Trials in CF patients with the F508del-CFTR mutation are now underway. In preclinical studies, N91115 has been shown to increase the function of F508del-CFTR, the mutant protein that is estimated to be present in almost 90 percent of CF patients.
About Cystic Fibrosis
CF is a life-threatening, genetic disease that primarily affects the lungs and digestive system. According to the Cystic Fibrosis Foundation (www.cff.org), an estimated 30,000 children and adults in the United States and 70,000 people worldwide have CF.
CF is characterized by a defect in the chloride channel of human cells known as the "cystic fibrosis transmembrane conductance regulator," or CFTR, which is caused by a mutation of the CFTR gene. CFTR is critical for the adequate hydration of the lungs and other organs of the body.
Researchers have identified more than 1,800 mutations in the CF gene, and it is estimated that approximately 48 percent of CF patients in the United States have two copies of the F508del-CFTR mutation, and an additional 39 percent have one copy of this mutation.
As a consequence of the mutation in the F508del-CFTR gene, patients produce a defective form of CFTR protein that fails to adequately transport fluid. With N91115, N30 Pharma aims to increase CFTR function and restore proper hydration to critical organs, particularly the lungs.
About N30 Pharmaceuticals, Inc.
N30 Pharma (www.n30pharma.com) is a privately held, clinical-stage, biopharmaceutical company headquartered in Boulder, Colorado. It is the first company to discover and develop small molecules targeting GSNOR. N30 Pharma is dedicated to making a difference in the lives of patients with cystic fibrosis and their families.
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SOURCE N30 Pharmaceuticals, Inc.