Applied Therapeutics submits series A

Applied Therapeutics, a US-based pharmaceuticals spinout from Columbia University, closed its series A round today led by Alexandria Venture Investments, the investment arm of life science real estate provider Alexandria Real Estate Equities.

Additional investors included E Squared Capital Management, ETP Global Fund and Syno Capital, as well as individual backer Franklin Berger.

The size of the round has not been disclosed, though a regulatory filing reveals Applied was seeking a $7m investment.

Applied Therapeutics is working on technology to further develop validated therapeutic targets that have not yet yielded a commercial drug treatment.

The approach is based on research by Donald Landry, a nephrologist who has worked in fields such as critical care and kidney disease and is the chairman of Columbia University’s Department of Medicine.

The series A capital will be used to begin clinical development of a technique licensed from Columbia University earlier this year, which attempts to neutralise the enzymes behind heart and metabolic diseases.

Joel Marcus, chief executive of Alexandria, will join the board of directors, as will Les Funtleyder of E Squared and Franklin Berger.

Landry will chair Applied’s six-person scientific advisory board, which features Gregg Stone, director of cardiovascular research at academic health centre New York-Presbyterian, and Lawrence Steinman, professor of neurology at Stanford University.

Shoshana Shendelman, founder and chief executive of Applied Therapeutics, said: “The series A financing will allow us to advance our clinical programs in metabolic and cardiovascular disease.

“We are excited to partner with Columbia University, our world-renowned clinical and scientific advisers, and our strategic investors to bring these important therapies one step closer to patients.”