Vascular Genetics Inc., a Boston-based venture which is partially owned by Human Genome Sciences of Rockville, said yesterday that it has raised an undisclosed amount of money to fund its next human trials of a pioneering gene therapy for cardiovascular disease.
"We think the fact that the investors have expanded beyond the original group is a sign of how promising this therapy is," said Kate DeSantis, a spokeswoman for Human Genome Sciences Inc.
Vascular Genetics is one of almost a dozen biotechnology companies in a high-stakes race to develop breakthrough gene or human protein-based drugs to stimulate the growth of new blood vessels to treat cardiovascular conditions ranging from artery blockages to heart damage.
At stake is a large potential market. Heart disease remains the leading cause of death annually in the United States, and the American Heart Association estimates that more than 58 million Americans have cardiovascular disease.
Vascular Genetics is completing a small human study of the safety and effectiveness of its leading experimental treatment, a gene-based therapy for treating an advanced form of peripheral artery disease known as critical limb ischemia. The painful condition, which affects 150,000 people in the United States, involves reduced blood flow to the arms and legs, and skin lesions that are difficult to heal.
DeSantis, the spokeswoman for Human Genome, said data on the Phase I/II trial is expected to be published this summer. The treatment, Vascular Endothelial Growth Factor-2, or VEGF-2, is designed to stimulate new blood vessel growth. VEGF-2 is years away from being commercially available; it must undergo additional human trials before the U.S. Food and Drug Administration can review it for marketing.
Dr. Jeffrey M. Isner, a co-founder of Vascular Genetics and chief of cardiovascular research at St. Elizabeth's Medical Center in Boston, said preliminary results from early studies of the treatment are encouraging.
"It is enormously encouraging to think that sometime in the near future we may have an effective treatment to offer patients suffering from these debilitating and devastating diseases," Isner said.
The money Vascular Genetics said was raised yesterday came from a private placement of preferred stock sold to a number of wealthy individuals.
DeSantis said the companies had decided not to disclose the identities of the investors, terms of the financing, or how much money was raised in the placement, handled by Century Capital Associates of Princeton, N.J.
The money, she said, will be provided in three stages, and will be made available if and when Vascular Genetics clears certain undisclosed research and development milestones for VEGF-2.
Vascular Genetics is a joint venture of St. Elizabeth's Medical Center in Boston, Dr. Isner and Cato Holding, a contract research outfit in Durham, N.C. Rather than providing equity financing, Human Genome and the other founders are underwriting the venture with research and development services.
Pub Date: 3/30/99