Pappas Capital Announces the Passing of…

DURHAM, N.C., Aug. 30, 2011 /PRNewswire-iReach/ -- CoLucid Pharmaceuticals, Inc., a privately held biopharmaceutical company, announced today that it has raised $7.5 million of a planned $9.5 million convertible note financing from its existing investors to support further late stage development of lasmiditan.  Participating in the financing were Pappas Ventures, Domain Associates, Care Capital, Pearl Street Venture Funds and Triathlon Medical Ventures.

"This financing provides important working capital for CoLucid to further advance lasmiditan into Phase 3 development," remarked Thomas P. Mathers, Chief Executive Officer of CoLucid.  "We are embarking on additional clinical studies to further differentiate lasmiditan's safety profile from the triptan class of anti-migraine agents, as well as discussing with the FDA our final Phase 3 plans." said Mr. Mathers.

The Company is speaking with potential partners and is interacting with the FDA, and plans to advance lasmiditan into pivotal studies in 2012.

About Lasmiditan

Lasmiditan is a first-in-class Neurally Acting Anti-Migraine Agent (NAAMA) designed to deliver efficacy in migraine without the vasoconstrictor activity associated with previous generations of migraine therapies.  Lasmiditan is a member of a novel chemical class called "ditans" and, unlike triptans, penetrates the central nervous system (CNS) and selectively targets 5-HT1F receptors expressed in the trigeminal pathway.  Lasmiditan does not interact with vasoconstrictor 5-HT1B/1D receptors activated by triptans.

Five clinical studies have been successfully completed outside of the U.S., including a Phase 2b double blind placebo controlled oral dose ranging study treating a single migraine attack which was completed in 2010. In the Phase 2b study, lasmiditan achieved its primary endpoint of reducing a moderate or severe headache at baseline to mild or none 2 hours after dosing (p<0.0001) in 391 patients. Differentiation of individual doses from placebo was seen as early as 30 minutes after dosing. Lasmiditan also achieved secondary endpoints, including relief of nausea, photophobia and phonophobia.  Importantly, because there was no evidence of drug-related cardiovascular effects or chest symptoms in the previous five clinical studies, CoLucid expects the pivotal Phase 3 studies to confirm that lasmiditan's side effect profile is highly differentiated from triptans and ergotamines.

About CoLucid Pharmaceuticals, Inc.

CoLucid was founded in 2005 by Pappas Ventures to advance innovative drug candidates with the potential to provide safe and effective treatments for CNS disorders. The company's investors include Pappas Ventures, Domain Associates, Care Capital, Pearl Street Venture Funds and Triathlon Medical Ventures. The company's pipeline includes lasmiditan, a novel treatment for migraine headache, COL-204 for wake promotion, and a conjugated stigmine platform that has generated a series of preclinical candidates for the chronic pain, Alzheimer's disease and psychiatric disorders. For more information, please visit CoLucid at www.colucid.com.