Blue Ash Therapeutics, a Blue Ash-based drug development start-up company, has secured just over $2 million in start-up financing, including a $250,000 investment from CincyTech, along with significant investments from Queen City Angels and New York City-based investors. Coupled with an Ohio Third Frontier/Cleveland Clinic grant for $440,000 awarded in 2009, Blue Ash is poised to begin its new life in good stead.
Blue Ash Therapeutics was co-founded by pharmaceuticals industry veterans Greg Flexter and Kevin Malloy. The pair worked together to secure the license for the anti-arrhythmic drug Azimilide from Procter & Gamble and then from Warner Chilcott, which acquired the drug program when it purchased P&G Pharmaceuticals holdings last year.
An extended network of former P&G scientists and physicians worked to develop Azimilide. Now in late-stage clinical testing, this drug is intended as adjunct therapy to help stabilize heart rhythms in patients that have an implantable cardioverter-defibrillator (ICD).
ICDs prevent cardiac arrest/sudden death in a certain subset of patients with life-threatening ventricular arrhythmia. But the resulting pacing and shocks cause anxiety, fear and intense pain that can lead to excessive symptoms, ER visits, and hospitalization.
"There is currently no approved anti-arrhythmic drug for ICD patients," Malloy said. "Instead, doctors are using off-label generic drugs that are poorly tolerated and have serious irreversible side effects. Azimilide is an oral once-a-day drug intended to help ICD patients by reducing the need for pacing and shocks and reducing ER visits/hospitalizations and improving overall quality of life."
Azimilide is only one step away from FDA approval. It became available in the wake of P&G's decision to exit the pharmaceuticals industry last year. Blue Ash was formed with the idea of maintaining the technical know-how in Cincinnati in order to take this promising drug across the finish line.
Flexter, the CEO, is a senior pharmaceuticals executive with more than 29 years of industry experience. He has served as CEO of Xanodyne Pharmaceuticals in Newport, Ky., and held various executive positions with Shire Pharmaceuticals in Northern Kentucky as well as at Novartis Pharmaceuticals.
"We are looking forward to the future of Blue Ash Therapeutics and our partnership with CincyTech and the rest of our team of investors," Flexter said. "Azimilide has a lot of potential in a promising marketplace, and we are eager to complete the journey for a drug that's been a major part of many people's scientific careers."
Dr. Malloy serves as chief operating officer of Blue Ash Therapeutics. He worked for 25 years at P&G Pharmaceuticals as the associate director of R&D and, prior to that, section head of cardiovascular discovery. He was also the Azimilide development project leader, was a key player in the drug's discovery and early human testing.
Blue Ash Therapeutics is CincyTech's 13th portfolio company.
CincyTech executive-in-residence Rick D'Augustine says the company represents a unique opportunity for Cincinnati early-stage investors, since it is only one step away from FDA approval. Azimilide is already well known and accepted by key industry opinion leaders as a potential drug of choice for its intended indication, which should allow for rapid market acceptance once approved.
About Blue Ash Therapeutics
Blue Ash Therapeutics is a Blue Ash-based firm organized to develop cardiovascular therapeutics. Its initial product is the anti-arrhythmic drug Azimilide, an FDA "approvable" drug in late clinical testing in patients with implantable cardioverter-defibrillators (ICDs).
About CincyTech
CincyTech is a public-private venture development organization that invests in startup businesses in high-tech industries in Southwest Ohio. With substantial support from Ohio Third Frontier and corporations, foundations, civic organizations and individuals here, it is stimulating the growth of venture-worthy companies in information technology, bioscience and advanced manufacturing.
CONTACT:
Kevin Malloy
Founder and COO, Blue Ash Therapeutics
513-554-0696
malloy.kj@gmail.com
Carolyn Pione
Communications director, CincyTech
513-263-2728
cpione@cincytechusa.com
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