Indianapolis-based Confluence Pharmaceuticals LLC has completed a $1.3 million round of funding. The company says Elevate Ventures, also based in Indianapolis, contributed to the financing as Confluence aims to develop therapeutic treatments for symptoms of Fragile X Syndrome and Autism Spectrum Disorders.
As part of the investment, Phil Lodato, general counsel with Elevate Ventures, will join the Confluence Pharmaceuticals board of directors.
"Confluence Pharmaceuticals has demonstrated a capital efficient approach to developing promising therapeutic assets to address an unmet need," said Chris LaMothe, chief executive officer of Elevate Ventures. "We are excited to add the company to our investment portfolio, especially given the life sciences sector’s contribution to our community."
Confluence Pharmaceuticals says it has already received Orphan Drug Designation in the U.S. and Europe and is seeking accelerated regulatory review with American and European agencies. According to the U.S. Food & Drug Administration, the designation is given to "drugs and biologics which are defined as those intended for the safe and effective treatment, diagnosis or prevention of rare diseases/disorders that affect fewer than 200,000 people in the U.S., or that affect more than 200,000 persons but are not expected to recover the costs of developing and marketing a treatment drug."
Steve Johns, president of Confluence Pharmaceuticals, says the company is "intently focused" getting to the start of Phase 1 FDA human clinical trials.