Corthera

About Corthera

Corthera, Inc. operated as a private biopharmaceutical company, founded in 2003 by Dennis Stewart, with a focus on developing treatments for acute care illnesses. The company, formerly known as BAS Medical Inc., concentrated its efforts on acquiring, developing, and commercializing therapies for use in critical care hospital settings.

The company's core asset was Relaxin, a recombinant version of a naturally occurring human peptide hormone. This product candidate was being evaluated for the treatment of acute decompensated heart failure (ADHF), a condition with a high incidence rate, particularly in individuals over 65. Relaxin functions as a vasodilator, widening blood vessels to increase cardiac output and improve renal function, addressing the fluid overload and shortness of breath characteristic of ADHF. The potential of this therapy was significant, as existing treatments like diuretics and other vasodilators were associated with complications such as renal impairment and hypotension.

Corthera's business model was centered on advancing Relaxin through the rigorous phases of clinical trials to gain regulatory approval and bring it to market. The company successfully initiated and completed Phase II clinical trials, which showed promising results in improving symptoms and reducing cardiovascular morbidity. Following these positive outcomes, the U.S. Food and Drug Administration (FDA) granted "Fast Track" designation to Relaxin to expedite its review process, and the company proceeded to Phase III trials in October 2009.

The company's operations were financed through venture capital, successfully raising $38 million over two Series C funding rounds from prominent investors including Domain Associates, Kleiner Perkins Caufield & Byers, and Caxton Advantage Life Sciences Fund. This funding was critical for advancing the clinical development of Relaxin. In a significant milestone, Novartis acquired Corthera on December 23, 2009. The deal involved an initial payment of $120 million, with potential for an additional $500 million in payments contingent on clinical, regulatory, and commercial milestones, bringing the total potential acquisition value to $620 million. The acquisition gave Novartis exclusive worldwide rights to develop and commercialize Relaxin, integrating it into its extensive cardiovascular drug portfolio.