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April 6, 2022

Thetis Pharmaceuticals gets $4.2M toward Crohn’s Disease therapy

Gary Mathias, co-founder and chief executive officer of Thetis Pharmaceuticals. Gary Mathias, co-founder and chief executive officer of Thetis Pharmaceuticals.
By Michelle Tuccitto Sullo

Thetis Pharmaceuticals recently secured $4.2 million from the Leona M. and Harry B. Helmsley Charitable Trust, funding which the biotech plans to use to advance its potential oral therapy for treating Crohn’s disease.

The funding is structured as a program-related investment in the form of a loan, and will support Thetis’ early clinical development of TP-317, according to an announcement.

Currently, only some individuals see improvement with existing treatments for inflammatory bowel disease, including Crohn’s, according to Thetis. It noted that many current treatments require a needle injection, and can suppress the immune system, leaving patients susceptible to ailments such as infections and cancer.

Thetis’ TP-317 is a stabilized small molecule of Resolvin E1, a naturally occurring lipid that helps reduce inflammation and promotes tissue repair without suppressing the immune system, according to the company. 

Company leaders are hopeful the funding will help bring its new oral therapeutic closer to market, with the goal of improving quality of life for those suffering from Crohn’s disease.

Gary Mathias, co-founder and CEO of Thetis, said TP-317 represents a “paradigm shift” in the treatment of irritable bowel disease.

“We are grateful to the Helmsley Charitable Trust for supporting our vision and providing an opportunity to validate this novel therapeutic approach,” Mathias said.

Jessica Langer, program officer for the Helmsley Crohn’s Disease Program, said it invests in research and technologies that will improve care and treatment for those living with the disease.

“Ensuring that promising potential therapies are not lost in development due to lack of early-stage funding is an important part of this,” Langer said, in an announcement. “We are excited to work with Thetis as we seek to improve treatment options and quality of life for people with Crohn’s disease.”

Since 2008, the Helmsley Charitable Trust has committed more than $3 billion for a range of charitable purposes. 

Thetis plans to begin clinical investigation of TP-317 in 2023. The company is headquartered in Ridgefield, and it has a chemistry team in Branford.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
 

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