Cystic Fibrosis (CF) is an inherited lung disease with 30,000 US patients with a life expectancy of 37. There is no treatment for 96% of patients and a high unmet clinical need. Novel inhaled lead drug, Procaftor, shows clinically predictive efficacy in a human CF model. CF is an orphan disease with a lean development model. Our experienced CF drug development team are asking for a $8m to fund a 3 year IND to end of Phase 2a with several investor exits. We anticipate peak US sales of $1.2bn.