On May 5, 2020 Lamassu Pharma, a biotech startup that is developing small molecule therapeutics to treat acute pancreatitis, reported the company has found plenty of investors despite the ongoing COVID-19 pandemic (Press release, Lamassu Pharma, MAY 5, 2020, View Source [SID1234646264]).

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The Durham firm says in an SEC filing that it has raised nearly $2.7 million.

And 19 investors are backing the company with a minimum investment of $50,000.

Lamassu is looking to raise another $200,000 in a round of equity with a near-$3 million target.

"We capitalizing on our expertise in early translational research to bring products to phase I/II, then partner with clinical and commercial development specialists. Our innovative model ensures that early development efforts bring product to definitive clinical testing as efficiently as possible to benefit patients and ensure early investment will lead to clinical results," the company says.

"Our lead candidate is a novel small molecule therapy for acute pancreatitis. This was developed at Mayo Clinic by leading scientists, and has profound preclinical efficacy to completely mitigate mortality and morbidity associated with severe acute pancreatitis. We are currently focused on continued development of this compound through safety testing in preparation for definitive clinical trials. Our ultimate goal is saving the lives of patients afflicted with this disease."

Lamassu launched in 2018.

Founders include:

GABI HANNA, MD, CEO and Co-Founder
Physician, and co-founder of Lamassu Pharma. Research focus on translational medicine and commercialization, bringing innovations to clinical trial and patient benefit.

GREG PALMER, PHD, CSO and Co-Founder
Biomedical engineer with expertise in imaging, medical devices, and translational science.

RABI HANNA, MD, CMO and Co-Founder
Chair of Pediatric Oncology at Cleveland Clinical, brings translational and clinical expertise.