Dive Brief:
- Laguna has decided to close up shop after scrapping a key Phase 3 trial, according to a report from Xconomy. The biotech startup was created to develop vanoxerine for treatment of atrial fibrillation (AF).
- A little less than one year ago, Laguna raised $30 million in venture financing to take the AF drug from mid-stage to market. However, unspecified safety concerns halted the Phase 3 trial, along with the hopes of the company.
- Investors from Versant, Frazier, Biomed, and Sante all had contributed to the creation of the company, which was led by former Amira head Bob Baltera.
Dive Insight:
Ironically, investors had been attracted to the safety profile of vanoxerine. The original developer, ChanRx, had released safety data from a mid-stage study last fall. Whether the mid-stage data were not sufficient to foresee the safety problems, or the analysis was faulty, the outcome is the same. The planned recruitment of 600 subjects for a phase 3 trial will not continue, and the company will cease operations.