Pappas Ventures-Backed Lumena Pharma Bumps up Debt Offering to $2M - cbl

News | 06. 17. 2011

Lumena Pharmaceuticals

DURHAM -- Lumena Pharmaceuticals Inc. has secured $500,000 of its bumped-up debt offering to $2 million.

The Durham-based company, founded earlier this year, disclosed the higher amount in an SEC amended filing, after reporting in February the sale of debt worth $250,000 to two investors.

Principals named in the current filing are executive director Michael Grey, executive officer Ford Worthy and director Rosina Maar Pavia, all of Pappas Ventures, plus Frankfort, Mich.-based Ted Greene, chairman of Satiogen Pharmaceuticals Inc. and a scientist who holds several patents.

Founded in 1994, Pappas Ventures has more than $350 million in capital under management. The Durham-based firm has invested in more than 50 life sciences companies, including Cerexa (acquired by Forest Laboratories), Peninsula Pharmaceuticals (acquired by Johnson & Johnson), Syntonix (acquired by Biogen IDEC), NuVasive and Arena Pharmaceuticals.

Grey is a pharmaceutical industry veteran who previously led SGX Pharmaceuticals Inc. and Auspex Pharmaceuticals. He is a member of Pappas Ventures' scientific advisory board and a venture partner.