October 29, 2012

CT, others put $6.6M into New Haven bio-startup

A New Haven startup biopharma with Yale ties has gotten $6.6 million from investors, including Connecticut's technology investment arm.

Connecticut Innovations Inc. announced Monday it put $1.5 million into New Haven Pharmaceuticals Inc. through its Eli Whitney Fund. CI has a seat on the pharma's board.

Others, including Yale University, EJ Funds, Kuzari Group and Advantage Capital Partners, put up the $5.1 million balance, officials said.

Using technology licensed from Yale, the startup is working on a line of drugs that includes a treatment for heart disease and another for patients with acid-reflux ailments.

Its CEO is Patrick Fourteau, former president and CEO of Shionogi Pharma and Sciele Pharma.

Serial Connecticut biotech investor Harry H. Penner Jr. is New Haven Pharma's co-founder and executive chairman. Penner is former CEO of Neurogen Corp. in Branford.

Nancy Motola, its vice president of regulatory affairs, has overseen previous Food & Drug Administration applications at other biopharmas, including Connecticut's Alexion Pharmaceuticals and Rib-X Pharmaceuticals, and Bayer.

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