Pappas Capital Announces the Passing of…

Central nervous system drug development company CoLucid is currently in talks with potential partners who could take its investigational migraine headache treatment into late-stage clinical trials.

The company offered no details on the prospective drug partners, but said it does now have the U.S. Food and Drug Administration’s go-ahead to proceed with phase 3 trials. CoLucid’s lead drug candidate is lasmiditan, which is being developed as a new kind of migraine treatment that can offer headache relief without the cardiovascular side effects associated with triptans, the class of drugs currently used to treat migraines. Lasmiditan, part of a chemical class called “ditans,” more selectively targets the receptors that trigger migraines.

Durham, North Carolina-based CoLucid has raised about $40 million in venture capital from Pappas Ventures, Care Capital, Domain Associates, Pearl Street Venture Funds and Triathlon Medical Ventures. The company was founded in 2005 by Pappas Ventures.

Five clinical studies on lasmiditan have been completed outside the United States; a phase 2b study was completed last year. CoLucid is moving quickly on lasmiditan. When new CEO Thomas Mathers was hired in July, Art Pappas, chairman of CoLucid’s board of directors and managing partner at Pappas Ventures, said that Mathers would lead phase 3 development and commercialization plans for the compound.

CoLucid licensed lasmiditan from Eli Lilly (NYSE:LLY). Besides lasmiditan, CoLucid has preclinical candidates for the treatment of sleep/wake disorders, chronic pain, Alzheimer’s disease and psychiatric disorders.