Our portfolio company Spiral Therapeutics announces the completion of $8.25M in new financing, with proceeds that will fund the continuing development of their lead candidate, SPT-2101, for the treatment of inner ear inflammation.
SPT-2101 is a sustained-release steroid formulation designed for precise inner ear administration using Spiral’s novel delivery procedure. Spiral recently completed enrollment of an open label pilot clinical study of SPT-2101 in 10 patients with Ménière’s disease. Data from this study confirmed the favorable safety profile of SPT-2101, as well as marked improvements from baseline in the frequency and severity of patient-reported vertigo episodes at 3 months and in other key efficacy outcome measures. Further, pharmacokinetic data provided confirmation of the durability of Spiral’s drug delivery platform.
A randomized, placebo-controlled Phase 2 clinical trial was initiated this month and will further investigate the safety and efficacy of SPT-2101 given as a single administration. Up to 30 subjects with unilateral Meniere’s disease will be enrolled across four clinical centers in Australia.
Read the full press release here.