George Pappas
May 1, 2024
Delphian Tx has secured $2.7M in seed funding to advance its lead candidate, S1-221, an optimized combination of CBD:THC to treat migraine, into phase 1 clinical trials in 2025.
Delphian Therapeutics is pleased to announce it has closed a $2.7M Seed Round of funding to advance its patented CBD:THC combination therapeutic into phase 1 clinical trials.
Despite the introduction of new classes of therapeutics in recent years, migraine remains one of the world's largest, most poorly managed diseases, afflicting over 1B people worldwide.
The round was led by a prestigious angel investment group of primarily focused on early-stage deep tech and life science. As part of the investment, Michael Rainey, former Global Head of Life Science at Accenture, one of the world's leading pharmaceutical industry consultants, has joined S1Tx's Board of Directors. The Round also included the Minato Investment Group, Japan-based group of angel investors focused on healthcare and life science.
Funded in part by the National Institutes of Health's National Institute on Drug Abuse (NIDA), and by the Migraine Research Foundation, S1Tx's scientific program is led by Dr. Greg Dussor, Chair of the Department of Neuroscience at the University of Texas at Dallas, and is partnered with migraine research labs at the University of Iowa and Leiden University in the Netherlands.
Dr. Alan Rapoport, past President of the International Headache Society, leads S1Tx's clinical team of renowned leaders in developing both migraine and cannabinoid therapeutics into S1-221's first in human trials, targeting early 2025.
LifeSci Consulting, a top-tier global pharmaceutical transaction and strategy firm, conducted an in-depth analysis of the opportunity for S1-220, and indicated potential peak sales to be well over $3B. This is consistent with values placed on other migraine therapeutics classes in recent transactions. Lundbeck acquired a CGRP asset for ~$2B after completing phase 3 trials, and Eli Lilly acquired a 5-HT target for ~$960M after phase 2 trials. LifeSci's analysis indicated that cannabinoids, in which Delphian Tx leads, represent one of the more compelling novel mechanisms of action for the indication which has a tremendous unmet medical need.