The Philadelphia Business Journal is reporting that Philadelphia-based Galleon Pharmaceuticals is working on a pill to treat sleep apnea.
The report reveals that James C. Mannion, founder and CEO of the 9-year-old Horsham biopharmaceutical company, is in the process of raising $20 million to support clinical testing of its two lead products: GAL-160, an oral medicine for sleep apnea and GAL-021, an intravenous drug being developed to treat respiratory complications in hospitalized patients receiving anesthetics and opioids for pain relief.
“The company has raised about $50 million from investors including venture-capital firms TPG Biotech, Morgenthaler Ventures and Healthcare Ventures,” George writes. “In 2005 Galleon received $500,000 in seed funding from BioAdvance, operator of the Biotechnology Greenhouse of Southeastern Pennsylvania. While potential applications for Galleon’s technology and compounds cover a range of breathing control disorders, Mannion said he will typically provide a more brief description of the company when meeting with potential investors.”
“I tell them we are developing a pill for sleep apnea,” said Mannion in The Journal. “Many people can relate to sleep apnea. Usually when I am in a room talking to people about the company, there is somebody who has it or whose brother, cousin, uncle or spouse has sleep apnea. They all say the same thing: People with sleep apnea hate wearing the mask.”
Mannion told George that to the best of his knowledge, no big pharma companies are working on a pill to treat sleep apnea. He noted the company combines elements of respiratory medicine and neurology in their research. “Most of the big pharmaceutical companies work in one area, but not both,” he said. “If they do both, (the researchers) usually work separately. We don’t have those silos.”
Source: Philadelphia Business Journal