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January 9, 2025

CT biotech firm secures $9M to advance oral treatment for inflammatory bowel disease

Gary Mathias, co-founder and chief executive officer of Thetis Pharmaceuticals. Gary Mathias, co-founder and chief executive officer of Thetis Pharmaceuticals.
By Andrew Larson

A clinical-stage pharmaceutical company based in Essex, Thetis Pharmaceuticals LLC, has secured $9 million in funding in the form of a loan from The Leona M. and Harry B. Helmsley Charitable Trust.

The company is developing an oral therapy for inflammatory bowel disease (IBD) and solid tumor cancers.

Thetis announced the investment Thursday, saying the funding will help fund a Phase 1b trial of a drug known as TP-317 in ulcerative colitis patients to identify safe and efficient dosing.

The Helmsley Charitable Trust has invested more than $14 million in support of TP-317. 

According to the announcement, current treatment options for patients with IBD, such as Crohn’s disease and ulcerative colitis, are insufficient as few patients achieve lasting remission.

Existing treatments for IBD often require a needle injection, which can suppress the immune system, leaving patients susceptible to infections and cancer.

TP-317 is a naturally occurring lipid that helps to reduce inflammation and to repair intestinal lining without compromising the body’s natural ability to fight infection, the announcement states.

“Helmsley has been remarkable in supporting our vision for a novel approach that addresses a critical unmet medical need in IBD,” said Gary Mathias, co-founder and CEO of Thetis. “We greatly appreciate their support and are excited to advance this unique therapy into patient studies.”

In April 2022, Thetis Pharmaceuticals secured $4.2 million from the Helmsley Charitable Trust, which it planned to use to advance the drug’s potential for treating Crohn’s disease.

The Helmsley Charitable Trust is an offshoot of the Helmsley real estate empire, which began in New York City in the 1930s.
 

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