CHICAGO, Nov. 22, 2016 /PRNewswire/ -- New Rhein Healthcare Investors LLC ("New Rhein"), an investment firm focused on healthcare therapeutics and medical devices, today announced it has successfully concluded its investment in Chase Pharmaceuticals through the sale of this portfolio company to Allergan plc. "We are honored to have had the opportunity to invest in Chase Pharmaceuticals and support such an important and urgent unmet medical need with Alzheimer's disease," said Greg Parekh, Chairman of the Board of Directors at Chase Pharmaceuticals and Partner at New Rhein. "This transaction will enable even faster and more robust development of CPC-201, and in the hands of Allergan we are increasing the potential of this therapy to serve in the fight against Alzheimer's disease and support a much greater number of patients and their caregivers." Allergan is gaining access to a patented platform technology for neurodegenerative disorders with a number of compounds in development. The lead compound, CPC-201, an innovative therapeutic compound in late-stage clinical development, offers the potential of new ways to treat Alzheimer's disease. In the United States alone a new Alzheimer's patient is diagnosed every minute, with more than five million patients suffering from this disease and societal costs of several hundred billion dollars. Under terms of the agreement, New Rhein has merged Chase Pharmaceuticals with a subsidiary of Allergan in an all-cash transaction that involves a $125 million upfront payment and the potential for additional clinical and commercial milestone payments. New Rhein and its co-lead investors, Cipla New Ventures and Edmond de Rothschild Investment Partners, owned 62% of Chase Pharmaceuticals. The firms also held Board positions at Chase. Cipla being represented by Vikram Sudarsan and Edmond de Rothschild Investment Partners represented by Raphaël Wisniewski. Value-Based Clinically Useful Innovation New Rhein's investment in Chase Pharmaceuticals is an example of the firm's strategy to bring operational excellence to businesses focused on important unmet medical needs. The focus is on innovation rather than invention - building on existing research with new approaches that enable new or repurposed drugs and innovative medical devices to be used in underserved markets in a more efficient, cost-effective way. Chase Pharmaceuticals shareholders have invested approximately $24 million since its founding to create a portfolio of patented innovative drugs. "Chase benefited from our passionate founders, Drs. Chase and Clarence Smith, as well as a sophisticated, collaborative Board of Directors that constructively challenged and supported us every step of the way," said Douglas Ingram, CEO of Chase Pharmaceuticals. "It was rewarding to work with our board chair, Greg Parekh and our board of directors, a group that understood our vision and worked with us as one team dedicated to bring CPC-201 to patients and physicians." New Rhein's strategy enables the firm to identify high potential but under-appreciated drug programs and by bringing operational excellence to the program, improve their profile, increase their probability of success and unlock unrealized value. New Rhein invested in 2014 when Chase Pharma had two employees and CPC-201 had just finished a 6 patient Phase 1 study.