NPS Pharmaceuticals Inc., 420 Chipeta Way, has completed a $5 million first-round venture capital financing led by Domain Associates, Princeton, N.J., with participation by Biotechnology Investments Ltd.
The investment will enable NPS to move forward with plans to double its current size within 18 months with aggressive pursuit of current product development programs, said Hunter Jackson, NPS co-founder and chief executive officer.Jesse I. Treu, general partner of Domain Associates, said, "We look for the best new technologies applicable to large pharmaceutical markets. We expect great things from NPS."
One of NPS's lead programs is in hyperparathyroidism, a disease that claims 60,000 new sufferers annually in the United States. The incidence of the disease is increasing with the aging of the population, and currently there is no effective drug treatment or cure, Jackson said.