Variant Pharmaceuticals Secures $10M in Financing from Korean Company, Incon Co., Ltd.
WESTON, Fla., Dec. 3, 2018 /PRNewswire/ -- Variant Pharmaceuticals, Inc. (Variant), a clinical stage orphan drug company developing first-in-class drugs for patients with rare diseases, is pleased to announce that it has secured $10 Million in financing from Korean company, Incon, in exchange for equity ownership. Funding will be used to advance clinical and non-clinical development of VAR 200 (2HPβCD), including production of clinical supplies, execution of the Phase 2a trial in patients with FSGS, and support for expanded access and subcutaneous delivery initiatives. The funding will also be used to expand company resources and hire select additional headcount.
Associated with their investment, Incon has been granted a period of exclusivity to negotiate the rights to sell and distribute Variant's renal pipeline compounds (VAR 200, VAR 300 and VAR 400) in certain Asian countries, excluding Japan and Australia. Additionally, Incon has been awarded a seat on Variant's Board of Directors, and Stephen C. Glover, Variant's Co-founder, Chief Executive Officer, and Chairman will join Incon's Board of Directors.