Boulder-based N30 changes name to Nivalis Therapeutics

BOULDER — N30 Pharmaceuticals Inc. announced Tuesday it has changed its name to Nivalis Therapeutics Inc.

The Boulder-based clinical-stage pharmaceutical company is developing drug candidates to treat cystic fibrosis, an inherited life-threatening disorder that causes severe damage to the lungs and digestive system.

The new corporate name is derived from the Latin term for “of snow.” Just as each snowflake is unique, so too is each person with cystic fibrosis, the company explained in a statement. “With more than 1,800 known mutations of the gene responsible for cystic fibrosis, treating the disease requires solutions as unique as snowflakes.”

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Jon Congleton, Nivalis’ president and chief executive, said the organization has transitioned from an early stage company focused on research to a clinical-stage company that is “focused on translating precision-based scientific discoveries into patient benefit.

“As part of this evolution, we believe that it is important for the company name to better articulate the commitment, passion and energy that we are bringing to the cystic fibrosis community as we strive to develop and bring to market innovative solutions that may improve and extend the lives of people managing this disease.”

In November, the company raised $30 million that it expects will be its last fundraising effort before an initial public offering that could come sometime this year.

The money is being used to further develop the company’s lead product candidate, N91115, a novel inhibitor of S-nitrosoglutathione reductase. Nivalis recently completed a Phase 1 dose-escalation trial of orally administered N91115 in healthy volunteers, in which no dose-limiting affects were identified by the trial’s safety-monitoring committee. A trial using cystic fibrosis patients is underway.

Nivalis’ executive vice president Jan Troha told BizWest in November that the $30 million funding round likely will last through 2015 and part of 2016. An IPO, she said, would help fund Phase 3 trials and eventual commercialization.

In February, Michael Carruthers, former chief financial officer for Boulder-based Array Biopharma Inc., who helped that company through its initial public offering and multiple follow-on fundraises, was hired by Nivalis to serve as its CFO.