commercialization of drugs that regulate nitric oxide bioavailability, announced that it has completed a financing and expanded its Board of Directors.
Joining the company's Board of Directors are hedge fund managers Arnold Snider and Marc Elia. Snider will assume the role of Chairman of the Board.
Snider previously founded and managed Deerfield Management, a New York-based multi-billion dollar hedge fund focused on healthcare and life-sciences companies. Snider is also on the Board of Directors of the Christopher and Dana Reeve Foundation and is a trustee of Davidson College.
Elia co-founded N30 while at Tiger Management, a New York hedge fund, and has had previous roles in life sciences corporate strategy at Chiron Corporation and L.E.K. Consulting.
"I am pleased with our investors' ongoing commitment to the major clinical potential of N30 Pharma, particularly in difficult economic times," commented Charles Scoggin,M.D., President and CEO of N30, " In addition, I welcome Arnie and Marc to their roles on the Board. Arnie is widely regarded as one of the premier healthcare investors in the world. Marc brings a multitude of talents and intellect to the N30 Board. I look forward to drawing on their expertise and long experience with biopharmaceutical companies as we continue to move N30 forward."
N30 will use proceeds from this financing to advance its clinical program in Cystic Fibrosis and expand its discovery and preclinical research in the area of small molecule drugs that modulate nitric oxide bioavailability in cardiopulmonary diseases. The financing is the company's second since its formation in 2007.