Tullman's NeXeption finds $22M for skin fixer Alexar
Ex-SmithKline exec raises NY, Silicon Valley capital for start-up
NeXeption LLC, ex-SmithKline executive Steve Tullman's Malvern drug investment company, says it has raised $21.5 million to start Alexar Therapeutics Inc., also in Malvern. Alexar says it is developing a treatment called A-110, "a liver X receptor agonist" for treating skin inflammation disorders. Tullman named Dave Pfeiffer, another former SmithKline executive who ran a previous compnay for him, as Alexar's chief executive.
Alexar's investors include New Science Ventures, a New York firm that has invested $300 million in small drug, medical device and computer hardware component firms; Third Point Ventures, Daniel S. Loeb's New York firm, which specializes in troubled companies; and Palo Alto Investors, a California firm managing $1.2 billion in investments for rich people and institutions. New Science cofounder Somu Subramaniam and Third Point's Jason Hong have joined Alexar's board.
Pfeiffer, who will serve on Alexar's board as well as holding the CEO job, was most recently chief commercial officer at Ellman International, which makes plastic surgery devices.
Tullman is one of the Philadelphia area's busiest drug-company founders. His previous companies include Ceptaris Therapeutics, which he sold to Actelion; Vicept, acquired by Allergan; and Ception Therapeutics, acquired by Cephalon, now part of Johnson & Johnson. In a statement, Tullman said his investment company, NeXeption, sets up independent companies like Alexar "that are focused solely on maximizing the value of each asset."
Tullman named Dr. Neal Walker, chief executive of skin-treatment developer Aclaris Therapeutics, another NeXeption-backed firm, as Alexar's Vice Chairman. Walker previously served as CEO at Tullman-backed Vicept. Before that, Walker founded Octagon Research Solutions Inc., later bought by consulting firm Accenture.