RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Liquidia Technologies today announced the formation of a new pharmaceutical company, Lq3 Pharmaceuticals, dedicated to advancing novel therapies for oral health conditions. Leveraging the PRINT® (Particle Replication In Non-Wetting Templates) technology, Lq3 will initially focus on research and preclinical development of a lead, but currently undisclosed oral health product candidate. Canaan Partners, also an investor in Liquidia and Envisia Therapeutics, Liquidia's first spin-out, is the lead investor in the $10 million Series A financing. Kyle Chenet, formerly Vice President, Corporate Development for Liquidia and Envisia, has been named Lq3's Chief Executive Officer.
Like Envisia Therapeutics, Lq3 will leverage the transformative PRINT technology, a micro- and nanoparticle development and manufacturing platform known for its unique ability to control particle size, shape and chemistry. The PRINT technology provides a basis for the creation of innovative products that have the potential to address significant unmet needs in a wide range of medical conditions."The oral health market is poised for significant growth, driven in part by an increased understanding of the linkage between oral inflammation and infection and systemic diseases such as diabetes, obesity and other inflammatory diseases," said Kyle Chenet, Chief Executive Officer of Lq3. "I am honored to have the opportunity to lead Liquidia's next promising spin-out and to leverage our unparalleled technology to develop novel medicines that can have a significant impact on patients' lives."
"We continue to be excited by the progress we are making across multiple programs using PRINT technology and Lq3 is a direct result of these advancements," said Neal Fowler, Chief Executive Officer of Envisia and Liquidia. "The formation of Lq3 creates an opportunity to independently focus the use of this technology on the development of innovative solutions in another growing market."
"In 2009 Canaan made its first investment in Liquidia Technologies because the company was representative of the firm's belief that truly innovative platform technologies have virtually no limit in their potential to create significant opportunities," said Stephen Bloch, General Partner at Canaan Partners. "Liquidia's second spin-out, Lq3 Pharmaceuticals, is a testament to the strength of our investment thesis, as well as the remarkable power and flexibility of the PRINT technology that can be leveraged to develop novel therapeutics across a vast pharmaceutical landscape."
ABOUT LQ3 PHARMACEUTICALS™
Lq3 Pharmaceuticals, formed by Liquidia Technologies in 2014, is a privately held company focused on the development of innovative oral health therapies. Lq3 is leveraging the unique and powerful properties of the PRINT® technology to research and develop novel therapies for a variety of oral health conditions. Lq3 is located in Research Triangle Park, North Carolina.