—Combined company renamed KalVista
Pharmaceuticals, Inc., listed on Nasdaq with ticker “KALV” —
KalVista Pharmaceuticals, Inc. (NASDAQ:KALV), a clinical stage
pharmaceutical company focused on the discovery, development, and
commercialization of small molecule protease inhibitors, today
announced the closing of the previously announced merger with
Carbylan Therapeutics, Inc. As a result of the completion of this
transaction, Carbylan changed its name to KalVista Pharmaceuticals,
Inc. The Company will commence trading on November 22, 2016 on the
NASDAQ Stock Market under the symbol “KALV”.
KalVista is now funded with more than $38
million to support its portfolio of drug development programs,
initially focused on oral plasma kallikrein treatments for
hereditary angioedema (HAE) and diabetic macular edema (DME).
KalVista is developing a portfolio of drugs for HAE, with the first
oral HAE candidate, KVD818, having commenced a Phase I clinical
trial in the third quarter of 2016. Additional HAE candidates
are planned to begin clinical trials in 2017 and beyond.
KalVista’s objective is to advance multiple oral drug candidates
through Phase I, first-in-human studies in order to select those
with the potential to deliver best-in-class status for further
development. KalVista is also developing KVD001, an
intravitreally-delivered therapy for DME. This program has
completed a Phase I clinical trial in DME patients and is expected
to progress to Phase II clinical development in 2017.
In conjunction with the closing, KalVista
welcomed Benjamin L. Palleiko as the Chief Financial Officer of
KalVista. Mr. Palleiko has over twenty years of experience in the
industry, as both a senior life sciences investment banker and
Chief Financial Officer of several public and private life sciences
companies. He has raised more than $2 billion in capital and
completed over 50 transactions in his business career. Mr. Palleiko
holds a MBA in Finance and a MA in International Relations from the
University of Chicago, and a BA in Quantitative Economics from
Tufts University. Prior to graduate school, he served in the U.S.
Navy as a Naval Aviator flying carrier-based jet aircraft.
“The transition of KalVista to the public
markets is an important milestone in the strategic development of
the Company as we advance our pipeline of novel serine protease
therapeutics,” said Andrew Crockett, KalVista’s Chief Executive
Officer. “With the capital raised in this transaction and an
experienced leadership team, KalVista is even better positioned to
accelerate our clinical programs to bring new treatment options to
patients with hereditary angioedema and diabetic macular edema. We
also are particularly pleased that Ben Palleiko has chosen to join
us as CFO at this time, as his deep background and skills will help
us as we enter the next phase of growing shareholder value as a
public company.”
The executive leadership of the new Company is
comprised of members of the KalVista management team, with members
of the Carbylan team departing the Company. The management team is
initially comprised of Mr. Crockett as Chief Executive Officer;
Christopher Yea, Ph.D. as Chief Development Officer; and Mr.
Palleiko as Chief Financial Officer. The board of directors is
comprised of seven members, consisting of five members designated
by KalVista: Richard Aldrich, who will serve as Chairman, Joshua
Resnick, M.D., Rajeev Shah, Edward W. Unkart and Mr. Crockett; and
two members designated by Carbylan, Albert Cha, M.D., Ph.D, and
Arnold L. Oronsky, Ph.D. The Company has offices in Cambridge, MA
and Porton Down, U.K.
About Hereditary Angioedema
(HAE)Hereditary angioedema (HAE) is a rare and potentially
life-threatening genetic condition that occurs in fewer than 1 in
10,000 people. HAE patients are susceptible to sudden and prolonged
attacks of edema, which often occur in the hands, feet, face,
gastrointestinal tract, and airway. Attacks can result in severe
swelling and pain, airway blockage, and nausea.
About Diabetic Macular Edema
(DME)Diabetic Macular Edema (DME) is a sight-threatening
disease caused by disruption of the blood/retinal barrier leading
to the accumulation of fluid in the macula and vision loss. DME
affects an estimated 16% of diabetic patients within their
lifetime, according to a 2012 study published in Diabetes Care.
Approximately 900,000 patients in the United States alone have
active DME and are at serious risk of vision loss, according to a
2013 study.
About KalVista Pharmaceuticals,
Inc.KalVista Pharmaceuticals, Inc. is a pharmaceuticals
company focused on the discovery, development, and
commercialization of small molecule protease inhibitors for
diseases with significant unmet need. The initial focus is on
inhibitors of plasma kallikrein, which is an important component of
the body’s inflammatory response, and which in excess can lead to
increased vascular permeability, edema and inflammation. KalVista
has developed a proprietary portfolio of novel, small molecule
plasma kallikrein inhibitors initially targeting hereditary
angioedema (HAE) and diabetic macular edema (DME). The Company has
created a structurally diverse portfolio of oral plasma kallikrein
inhibitors from which it plans to select multiple drug candidates
to advance into clinical trials for HAE. In August 2016, KalVista
commenced a Phase I first-in-human clinical trial for KVD818, the
first of its orally delivered molecules for the treatment of HAE.
KalVista’s most advanced program, an intravitreally administered
plasma kallikrein inhibitor known as KVD001, has successfully
completed its first‑in‑human study in patients with DME and is
being prepared for Phase 2 studies in 2017.
For more information, please visit
www.KalVista.com.
Forward-Looking Statements This
press release contains "forward-looking" statements within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: "anticipate,"
"intend," "plan," "goal," "seek," "believe," "project," "estimate,"
"expect," "strategy," "future," "likely," "may," "should," "will"
and similar references to future periods. These statements are
subject to numerous risks and uncertainties that could cause actual
results to differ materially from what we expect. Examples of
forward-looking statements include, among others, future clinical
trial timing and results. Further information on potential risk
factors that could affect our business and its financial results
are detailed in the definitive proxy statement filed on October 28,
2016, our most recent Quarterly Report on Form 10-Q, and other
reports as filed from time to time with the Securities and
Exchange Commission. We undertake no obligation to publicly update
any forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Contact:
KalVista Pharmaceuticals
Leah Monteiro, Corporate Communications
857-241-3897
lmm@KalVista.com
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