Logical Thera raises $30M to advance R&D

Pittsburgh, USA-based Logical Therapeutics, a privately-held drug development firm, says it has successfully completed a $30.0 million series B private equity financing, led by SV Life Sciences. Other investors participating include Burrill & Co, Novo A/S and Sigvion Capital, as well as PA Early Stage Partners, which provided the seed funding for Logical in July 2006. The company is developing novel drugs to treat inflammatory diseases. As part of the financing event, Logical will establish new headquarters near Boston, Massachusetts.

Mitchell Fink, co-founder and chief executive of Logical. said: "this new investment will allow us to reach clinically meaningful results in several of our programs in a short period of time." The funding will allow Logical to advance multiple drug candidates, including its lead drug, LT-NS001, a novel naproxen pro-drug, through proof of-concept clinical trials.