US-based orphan drug developer Variant Pharmaceuticals received $10m in equity financing from wireless technology producer Incon yesterday.
Founded in 2014, Variant is developing prescription drugs for rare medical conditions and diseases. Its lead drug candidate is hydroxypropyl beta cyclodextrin, which is set to treat two rare forms of kidney disease.
The company’s therapies are intended to remove causes of injury to the kidneys and delay progression of the disease in order to prevent the need for dialysis or a transplant.
In addition to expanding its team, Variant will use the funding for clinical and non-clinical development of a drug candidate known as VAR 200, which will combat a form of kidney disease called focal segmental glomerulosclerosie (FSGS).
Incon made its investment as part of a deal that will involve it selling and distributing Variant’s products in Asia, excluding Japan and Australia.
The company had previously disclosed a total of $4.8m in equity financing and $1.5m in debt, through regulatory filings between 2014 and February this year.
Dong-Won Kim, Incon’s CEO, said: “Investment in Variant Pharmaceuticals will enable Incon to expand its biopharmaceutical focus into fulfilling unmet needs of patients with rare chronic diseases, such as FSGS.”