Cardioxyl Pharmaceuticals Secures $14.5 Million in Venture Capital Financing

New Enterprise Associates (NEA) has recently announced that it has invested in Cardioxyl Pharmaceuticals. NEA co-led the $14.5 million Series A investment with The Aurora Funds, the proceeds of which will be used to advance the Company’s initial program in acute congestive heart failure. Joining the Cardioxyl board from NEA are James Barrett, PhD, and Robert Garland, MD.

“Despite the substantial progress made in the treatment of congestive heart failure in recent decades, there remain significant unmet clinical needs,” said NEA’s Dr. Garland. “We’re very impressed with the work that has been done by Cardioxyl’s founders and anticipate that the efforts of these established researchers and executives will, one day, benefit many patients.”

Cardioxyl’s mission is the discovery and development of new classes of safe and effective therapeutic agents for the treatment of cardiovascular disease. Cardioxyl’s initial program is based on a novel technology developed at Johns Hopkins University by its scientific co-founders David Kass, MD, John P. Toscano, PhD, Nazareno Paolocci, MD, PhD, and their scientific collaborators.

“NEA’s investment in Cardioxyl is truly a partnership in helping to save lives,” said Peter D. Suzdak, PhD President and CEO of Cardioxyl Pharmaceuticals. “We appreciate that they, together with The Aurora Funds, have a clear grasp of the depth of expertise possessed by our scientists in this field. Few VC firms can rival their knowledge in this sector. We look forward to working closely with NEA to advance new treatments from the laboratory into the clinic.”

Founded in 2005 and headquartered in Towson, Maryland, Cardioxyl Pharmaceuticals’ mission is the discovery and development of new classes of safe and effective therapeutic agents for the treatment of cardiovascular disease. Their initial program is a novel medication for the treatment of acute congestive heart failure. The treatment is based on extensive scientific work from the laboratories of research leaders at Johns Hopkins University and Medical School and their scientific collaborators.

For more information, please visit: www.cardioxyl.com