Corautus Genetics Secures $20 Million, Advances Clinical Trial for Severe Cardiovascular Disease

Strategic Insights -

Corautus Genetics, Inc., a clinical-stage biopharmaceutical company, has recently closed two financings, bringing in a total of $20 million. The funds will be used to support the company's phase IIb clinical trial, known as GENASIS, for the treatment of severe cardiovascular disease. The trial, initiated earlier this quarter, aims to enroll up to 404 patients with Class III or IV angina in 20 cardiac medical centers across the United States. The company's proprietary VEGF-2 therapeutic, a growth factor that promotes the development of new blood vessels, will be delivered to the ischemic tissue in the heart muscle through a nonviral vector.

Key Takeaways:

  • Corautus Genetics closed two financings, securing $20 million to support its clinical trial for severe cardiovascular disease.
  • The GENASIS trial is a phase IIb clinical trial designed to enroll up to 404 patients with Class III or IV angina in 20 cardiac medical centers across the United States.
  • The company's proprietary VEGF-2 therapeutic is delivered to the ischemic tissue in the heart muscle through a nonviral vector, promoting the development of new blood vessels.
  • Richard E. Otto, president and CEO of Corautus Genetics, stated that the proceeds from the financings have strengthened the company's cash reserves, enabling the advancement of its GENASIS trial.
  • Corautus Genetics has received $20 million of the $25 million commitment from Boston Scientific Corp. under the loan agreement established in July 2003.
  • The company's CEO, Richard E. Otto, emphasized the importance of the GENASIS trial in treating severe cardiovascular disease.

Statistics:

  • $20 million: the total amount secured through the two financings
  • 404 patients: the target enrolment for the GENASIS trial
  • 20 cardiac medical centers: the number of centers where the trial will be conducted
  • $25 million: the total commitment from Boston Scientific Corp. under the loan agreement
  • July 2003: the month the loan agreement was established between Corautus Genetics and Boston Scientific Corp.

Sources:

  • NewsRx.com & NewsRx.net
  • Boston Scientific Corp. (BSX)
  • Corautus Genetics, Inc. (CAQ)
  • Pharmaceutical Business Week via NewsRx.com & NewsRx.net