MONTREAL and QUEBEC, Sept. 11 /PRNewswire/ -- Enobia Pharma Inc, announced today that it raised $Cdn 40.1 Million in a Series B multi-tranche financing. The proceeds will be used primarily to fund the Company's novel hypophosphatasia drug development program through Phase 2 clinical trials. There is no known cure for hypophosphatasia, a severe genetic disorder that affects the ability to mineralize bone.
The financing was co-led by new investors OrbiMed Advisors LLC ("OrbiMed") of New York and CTI Life Sciences Fund of Montreal ("CTI"). The Fonds de solidarite FTQ, Desjardins Venture Capital, Lothian Partners and T2C2/Bio 2000, current investors in the Company, also participated in the round.
Robert Heft, PhD, President and CEO of Enobia said, "With no drug therapy available, hypophosphatasia patients and their families experience prolonged and significant suffering. We are pleased that we were able to attract such world class investors to our company at this important time in our development. We are confident that with their support, we will build on our promising preclinical results to advance the clinical development program of an enzyme replacement therapy for hypophosphatasia."
Jonathan Silverstein, General Partner of OrbiMed said, "We are delighted to be associated with this impressive team working on such a debilitating disease for which there is no cure."
Richard Meadows, Managing Partner of CTI said, "This represents an example of the type of high quality investment opportunity that exists in Quebec and that is capable of attracting the attention and significant investment from our U.S. VC colleagues."
Both Mr. Silverstein and Mr. Meadows will join the newly constituted
Board, which also includes: Robert Heft, who previously served on the
Board; Fredric Price, also a former Board member, and an investor in this
Series B financing who was previously Chairman & CEO of BioMarin
Pharmaceutical and Thomas Schuetz, MD, PhD, wh
|SOURCE Enobia Pharma Inc|
Copyright©2007 PR Newswire.
All rights reserved