SUNNYVALE, Calif.,September 20, 2023 -- Corsair Pharma, Inc., a private biopharmaceutical company developing a transdermal treprostinil prodrug, today announced the closing of its $23 million Series B financing led by New Rhein Healthcare Investors. Proceeds from the financing will support the clinical advancement of Corsair’s lead product candidate, a prodrug of treprostinil delivered in a proprietary transdermal patch to treat Pulmonary Arterial Hypertension (PAH). Wedbush PacGrow functioned as a financial advisor to Corsair Pharma for the Series B financing. Junson Capital, Primavera Capital, Plaisance Capital and Midas Capital joined New Rhein as co-investors in this financing.
Corsair’s transdermal patch is intended to provide continuous and consistent blood levels of the drug Treprostinil comparable to an infusion pump. It delivers an inactive prodrug of treprostinil, which is intended to cross the skin, enter the blood, and convert rapidly to treprostinil in the liver. Via this route of administration, a treprostinil prodrug patch has the potential to provide the superior efficacy and fast titration of parenteral delivery, the convenience of non-invasive once-daily administration, and a more favorable side effect profile than currently available alternatives. Corsair also believes that the patch has the potential to treat other forms of pulmonary hypertension.
“We believe that a combination of our proprietary prodrug and transdermal patch technologies represents a unique opportunity to provide a potentially superior treatment option for PAH, and this investment from a strong syndicate of investors represents a vote of confidence in our approach,” said Bobby Singh, Ph.D., President, CEO and Director of Corsair. “With the proceeds of this Series B round now in hand, we look forward to advancing our program into the clinic in order to demonstrate the value proposition of this novel delivery approach in the treatment of PAH.”
“We are delighted to partner with the experienced management team of Corsair Pharma who has previously developed and commercialized a number of transdermal products in different therapeutic areas,” said Ivan Gergel, Managing Partner, and Chief Medical Officer at New Rhein Healthcare Investors. “The transdermal patch version of Treprostinil is designed to provide an alternative treatment option for physicians and patients and represents a significant market opportunity in a growing PAH market.”
About Corsair
Corsair Pharma is developing transformative solutions to improve the therapeutic profile of medications and provide superior treatment options for patients. The company is focused on the development of novel prodrugs of treprostinil to treat patients with PAH using a once-daily transdermal patch. For more information, see http://www.corsairpharma.com.
About New Rhein Healthcare Investors
New Rhein is a venture capital and growth equity fund manager whose investment strategy focuses on proven molecules used in new ways, such as new delivery forms and potential new uses and indications. Prior investments have included medicines for Alzheimer's disease, ophthalmic disorders, respiratory disease, and molecular oncology diagnostics. New Rhein's partners, associates, and advisors are knowledgeable former industry executives with solid records of operational, investment, and transactional experience. New Rhein combines significant deal-making expertise with deep operating experience, allowing it to tailor the right deal for the right situation and work with its portfolio companies to achieve maximum value for their products. For more information, see http://www.newrhein.com.
About PAH and Treprostinil
Pulmonary arterial hypertension (PAH) is a serious, progressive, and fatal disease that causes shortness of breath, markedly reducing quality of life. In the United States, approximately 45,000 patients are currently under treatment. Current treatments offer some symptomatic relief but only prostanoids, such as treprostinil, have been shown to prolong life. Treprostinil is commonly used in the treatment of PAH. It exerts its pharmacological action though vasodilation, platelet aggregation and by inhibiting smooth muscle proliferation. Treprostinil is currently marketed by United Therapeutics in different dosage forms to alleviate the symptoms, maintain or improve functional class, delay disease progression, and improve quality of life in patients suffering from PAH. The prostacyclin US market for PAH was approx. $2.5B in 2022 and is projected to reach $4.0B in 2028.