Breath Therapeutics is a spin-out from Munich-based PARI Pharma GmbH (www.pari.com), specializing in advanced and first-in-class inhalation therapies for severe respiratory diseases. Breath Therapeutics is using proprietary drug formulations optimized for inhaled administration with exclusively licensed, high performance nebulizers. Its lead program develops a first-in-class inhalation therapy against Bronchiolitis Obliterans Syndrome (BOS).
BOS is a high medical need orphan disease market opportunity with potential for attractive peak sales and margins. Given the limited number of centers, in which BOS patients are treated, there is an attractive commercialization opportunity in EU / US with a lean organizational structure. Overall we see an attractive risk-return profile as the ability of inhaled L-CsA to impact development of BOS has already been validated in a randomized clinical trial.
We have followed this opportunity for more than a year and worked closely with the Breath-team to orchestrate this spin-out. This carve-out is therefore a nice example of a mid-sized company inviting external expertise and financial resources to bring to maturity an in-house innovation.
Our financing, which is one of the larger rounds for a European start-up over the past years, will enable Breath Therapeutics to conduct the phase III trials in Europe and the US, to submit for marketing approval and prepare for commercialization. Our sector experience in respiratory indications and in orphan diseases through prior investments in Prosonix and Prosensa will enable us to support Breath’s ambitions.