Dauntless Pharmaceuticals, Inc., a privately held biopharmaceutical company focused on the development of specialty therapeutics, today announced the initiation of a Phase 1 clinical study to assess the safety, tolerability, pharmacokinetics, and pharmacodynamics of DP1038, a novel formulation of octreotide acetate for intranasal administration, compared to subcutaneous Sandostatin® (octreotide acetate) injection in healthy volunteers.
"We are committed to providing an improved treatment option for patients who rely on octreotide therapy to manage their disease," said Joel Martin, PhD, President and Chief Executive Officer of Dauntless Pharmaceuticals. "DP1038 provides a non-invasive delivery designed to eliminate painful injections, provide dosing flexibility, and reduce side effects that lead to diminished quality of life."
Dauntless Pharmaceuticals recently closed a $25 million expansion of its Series A financing, led by Canaan Partners with participation from Sofinnova. As part of the recent financing, Nina Kjellson, partner of Canaan Partners, has joined the Board of Directors. She joins Joel Martin, PhD, David Kabakoff, PhD, Sofinnova executive partner, and Michael Powell, PhD, Sofinnova general partner, co-founder and chairman on the company's board of directors.