LQT Therapeutics Announces Closing of US$19M Series A Financing
[Update July 2022: LQT Therapeutics Inc. changed its name to Thryv Therapeutics Inc.]
Advancing Lead Compound Through Phase 1 while Advancing Portfolio Assets
Company established with world-class research from leading academia and industry leaders
Lead program targets a novel kinase involved in cellular stress response
Experienced and proven team advancing therapies for Long QT Syndrome and resistant cancers
August 10th 2021 | LQT Therapeutics Inc.
Laval, Quebec, Canada. August 10, 2021 — LQT Therapeutics Inc (LQTT) a pharmaceutical company pioneering the development of precision therapies for genetic heart diseases, today announced the successful completion of a US$19 million Series A financing. LQTT is advancing a series of in- licensed compounds discovered and developed by Sanofi S.A. (Paris, France) which inhibit Serum/Glucocorticoid Regulated Kinase 1 (SGK1). Recent research conducted by the company’s founders confirmed the role of this novel kinase as a key contributor of inappropriate sodium regulation in various arrhythmias including Long QT Syndrome. Further investigation also validated the effects of SGK1 inhibition on cell proliferation pathways in prostate and colorectal cancers. Additional roles for upregulated activated SGK1 on various metabolic pathways continue to be discovered which LQTT intends to explore opportunistically.
Over the past 12 months LQTT has successfully reproduced the positive effects of SGK1 inhibition in stem-cells of patients with Long QT Syndrome and various in vitro models of cell proliferation for prostate cancer and anticipates presenting this new data at an upcoming scientific conference. Based on this data LQTT has designated a series of promising SGK1 inhibitors for IND-enabling studies and eventual human use. Proceeds from this financing will advance and expand the company’s portfolio of SGK1 inhibitors through phase 1 human clinical studies.
“The enthusiasm from our investors is a reflection of breakthrough science, hard work and dedication of our scientists, founders and collaborators all sharing a vision to transform the lives of patients suffering from Long QT Syndrome and other devastating diseases,” said Paul F. Truex, Chairman and Chief Executive Officer of LQT Therapeutics. “The investment of resources and expertise by our new shareholders and Sanofi’s willingness to provide exclusive access to their intellectual property will be instrumental for us to advance our therapeutic programs. We are thankful for the efforts of our founders Dr. Anthony Rosenzweig, Dr. David Milan and Dr. Saumya Das, whose initial research uncovered this truly novel approach to treat rare arrhythmias and Dr. Marc Vidal who worked tirelessly over the past 18 months to advance our research while serving as a member of our Board of Directors.”
The Series A financing was led by Amplitude Ventures and included new investments from Lumira Ventures, Amzak Health, Alexandria Venture Investments, founding investor Fonds de solidarité FTQ, founding scientists and members of the management team. As part of the financing Jean-François Pariseau from Amplitude, Daniel Hétu, MD from Lumira Ventures, and Scott Weiner from Amzak Health will join the Board of Directors. Additionally, Dr. Debra Odink will join the company as Chief Development Officer and Senior Vice President of Technical Operations. Having started her career at Roche, Dr. Odink spent the last 25 years in various leadership roles across multiple disease areas culminating in the successful commercialization of several pharmaceutical products and corporate outcomes. Dr. Philip Sager will join the company as Chief Medical Officer to provide regulatory and clinical development guidance to the company’s lead program. Finally, Dr. Saumya Das, a founder will continue to provide clinical and scientific expertise to our Long QT Syndrome program.
“Looking back at the progress that Paul, the founders and the LQTT team have made since we seeded this team in 2019 is so exciting,” added Geneviève Guertin, Vice President for Investments, Life Sciences at Fonds de solidarité FTQ. “This project is the first of a new initiative in which the Fonds acts as a founding shareholder along with successful entrepreneurs. We are pleased to be joined today by such a great group of investors, with whom we will support LQTT into its next phase.”
“We’re excited to partner once again with this highly-skilled management team to support LQTT’s goals in becoming a leader in precision cardiology”, commented Jean-François Pariseau, co-founder and partner at Amplitude Ventures. “Rare and orphan cardiovascular diseases are a high need area—ideal for a more precision approach for diagnosis and treatment.”
About LQT Therapeutics
LQT Therapeutics Inc. is pioneering a precision medicine approach to treat patients with Long QT Syndrome and potentially other arrhythmias based on research from Beth Israel Deacons Medical Center, Massachusetts General Hospital, and Sanofi, S.A. By combining leading-edge cardiovascular genetics and diagnostics with recent advances in the understanding of the role of SGK1, LQT Therapeutics seeks to make a meaningful difference in the lives of people suffering from Long QT Syndrome and resistant cancers. Launched in 2019 by the Fonds de solidarité FTQ. LQT Therapeutics was founded by world-class experts in cardiovascular disease, cardiac muscle biology and drug development. For more information, please visit www.lqttrx.ca
About Our Investors
Amplitude Ventures
Amplitude is a full-stack venture capital firm using a unique growth model to build Canadian companies with world-class management teams and scale companies to breakout potential. With over $300M under management and offices in Montreal, Toronto and Vancouver, Amplitude applies a proven, evidence- based approach to investing in leading precision medicine companies. Visit www.amplitudevc.com
The Fonds de solidarité FTQ
The Fonds de solidarité FTQ invests to build a better society by channeling the savings of its 723,501 shareholders into development and risk capital investments to help Québec transition to a green economy, to a human-centered world of work, and to a healthier society. The Fonds offers businesses unsecured financing and strategic support. With $17.2 billion in net assets as at May 31, 2021, the Fonds has supported 3,437 partner companies and 247,612 jobs. Visit www.fondsftq.com
Lumira Ventures
Lumira Ventures is a North American healthcare venture capital firm with a two-decade track record of investing in transformative biomedical companies. It is a multi-stage investor that partners with mission-driven entrepreneurs and like-minded investors to build innovative companies in the biotechnology, medical device and digital health sectors. These companies are harnessing rapidly evolving innovations in genomics, cell therapy, gene therapy, bioengineering, robotics and artificial intelligence to develop high impact, often transformative products for patients while generating exceptional returns for their investors and meaningful economic value to society. To date, Lumira’s companies have brought dozens of biomedical innovations to the market, impacting the lives of over 1 billion patients worldwide and generating over $70 billion of cumulative revenue. Lumira Ventures manages its activities from offices in Toronto, Montréal, Vancouver and Boston. Visit www.lumiraventures.com
Amzak Health
Amzak Health is an evergreen fund that invests in private and select public life science companies across stages and geographies. It seeks to invest in innovative biotech and medtech companies developing first in class or best in class treatments addressing areas of unmet medical need. The Amzak Health team has significant investment and operating experience. Amzak Health approaches each investment with a long-term vision and prides itself on being knowledgeable and dependable partners. Amzak Heath is based in New York. Visit www.amzak.com
Alexandria Venture Investments
Alexandria Venture Investments is the Alexandria Real Estate’s strategic venture capital platform. Since its inception in 1996, it has invested in disruptive life science, agrifoodtech, and technology companies advancing transformative new modalities and platforms to meaningfully improve human health. Visit www.are.com
