September 20, 2016
Indianapolis, Ind. – Confluence Pharmaceuticals LLC, based in Indianapolis, Indiana recently completed its $1.3 million Series A-2 Preferred Financing, which included an investment by Indianapolis-based Elevate Ventures through the 21st Century Research & Technology Fund. Confluence is developing novel therapeutic treatments for core symptoms associated with Fragile X Syndrome and Autism Spectrum Disorders. “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.” As part of the investment, Elevate Ventures’ General Counsel Phil Lodato will join Confluence Pharmaceuticals’ board.Confluence is initially focused on developing novel therapeutic treatments for Fragile X Syndrome patients in the U.S. and Europe. The Company has received Orphan Drug Designation in both Europe and U.S for its lead product and will seek an accelerated regulatory review with European and US agencies.Patients with Fragile X Syndrome and Autism Spectrum Disorders have a wide range of symptoms that impact their lives on a daily basis. Symptoms can include anxiety, aggression, the inability to concentrate and communicate, seizures, and self-injurious behavior.
The term Spectrum has been adopted because of this wide range of symptoms and behaviors that patients may experience.More than 180,000 Americans and 213,000 Europeans suffer from Fragile X with more than 1.5 million Americans and 2.5 million Europeans afflicted with Autism Spectrum Disorders. A large segment of this population will require life-long care and treatment. “A medication that could lead to an overall improvement in core symptoms, helping patients communicate and think more clearly would certainly help patients and families with the activities of daily living and thus improve quality of life” said Dr. Craig Erickson of Cincinnati Children’s Hospital.
No medication exists today to treat core social, communication and cognitive impairments for this patient population.“With our scale up activities in manufacturing under way, we are intently focused on getting started to Phase 1 FDA human clinical trials. We are pleased to have Elevate Ventures as an investor at this stage of our development. We look forward to a collaborative relationship and the supportive resources they can bring to the project,” said Steve Johns, President of Confluence Pharmaceuticals.
About Confluence Pharmaceuticals
Confluence is advancing breakthrough therapeutic medications to treat core cognitive, social and communication impairments/symptoms for individuals with Fragile X Syndrome, Autism Spectrum Disorders and other related neurological disorders. Confluence has built its program around foundational work conducted by Dr. Craig Erickson and the initial IP was exclusively licensed to Confluence by Indiana University. Confluence has assembled a team of industry experts experienced in drug development, clinical trials and regulatory affairs to accelerate the development of novel drugs, and formulations for Fragile X Syndrome and Autism Spectrum Disorders. For more information, please visit http://confluencepharma.com.
About Elevate Ventures
Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-potential businesses into high-performing, Indiana-based companies. Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis and robust advisory services that connect companies with the right mix of resources businesses need to succeed long-term. To learn more about Elevate Ventures, its team and its funds under management, visit www.elevateventures.com