On February 23, 2023 Olatec Therapeutics LLC ("Olatec" or the "Company"), a leader in developing NLRP3 inhibitors, reported the completion of the Company’s $40 million Series A round financing, the final closing of which was led by Sanders Morris Harris ("SMH") (Press release, Olatec Therapeutics, FEB 23, 2023, View Source [SID1234627663]). Participation in the round came from both existing investors as well as new investors identified by each of Sanders Morris Harris, Advection Growth Capital and the Company. Proceeds will be principally used to advance Olatec’s lead compound, dapansutrile, into later stage clinical development.

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Founder of SMH, Don Sanders, and its Chairman, George Ball, in a joint statement said "Olatec has demonstrated its ability to bring to a later stage clinical trial its oral anti-inflammatory inhibitor, dapansutrile, a potentially major pharmaceutical medical innovation. Upon completion of its ongoing trials, the Company could be poised for even greater value creation. We are pleased to be part of Olatec’s progress in advancing dapansutrile towards its potential initial commercial uses."

Also commenting on the completion of the Series A financing, Greg Kennedy, the Founder and Managing Partner of Advection Growth Capital said, "Olatec’s mission to meaningfully improve patient outcomes in major diseases with dapansutrile and its talented team of drug developers is the reason we are supporting Olatec with our own capital and why we were pleased to introduce the Company to investors in our network."

Concurrent with this financing, investor Kenneth Wells MD, who was introduced to the Company by SMH will be joining Olatec’s Board of Directors subject to all requisite approvals. Dr. Well’s, who is President of Alken Health Resources, said: "NLRP3 inhibitors are a highly sought-after pharmaceutical target given their critical role in innate immune systems. Olatec is a leader in the NLRP3 area through the development of oral dapansutrile and I look forward to helping the drug achieve its potential as a significant medical breakthrough for patients suffering from major inflammatory diseases."

Founder and CEO, Damaris Skouras, commented, "We are very pleased to welcome Don Sanders and George Ball and the other highly regarded SMH and Advection investors in the A-9 Round, and particularly welcome Ken Wells as both an investor and prospective Board member. Ken brings extensive experience in support of Olatec’s continued growth and drug development, including working with payors, risk management, and board expertise."

Dr. Ken Wells is the Chief Medical Officer for the Marsh McLennan Agency Southwest. Previously he was a Board member of Baylor St. Luke’s Medical Center Houston, serving on the Executive Committee and as Governance Committee Chair. Over the past two decades, Dr. Wells has served on nine not-for-profit and six advisory corporate boards with executive, governance, nominations, HR, and quality committee responsibilities. Dr. Wells holds a medical doctorate and master’s degree in public health from the University of Texas Health Science Center, Houston. He has earned a master’s degree in management from Northwestern University and a bachelor’s degree in pharmacy from Texas Southern University. He completed a fellowship in primary care policy with the U.S. Department of Health & Human Services and residencies in occupational and family medicine at the University of Texas Health Science Center and aviation medicine instruction at the U.S. Army School of Aerospace Medicine.