Series C financing led by NEA
Provides advancement of INV-202 Phase 2 clinical trial in Diabetic Kidney Disease in Q4
Inversago Pharma Inc. ("Inversago"), a clinical stage biotech company with a unique portfolio of peripherally-acting CB1 inverse agonists, today announced the completion of a Series C funding of $95 million CAD (approximately $70 million USD), led by New Enterprise Associates ("NEA"). Additional new investors Forbion's Growth Opportunities Fund ("Forbion Growth") and Amgen Ventures joined current investors including Forbion's Ventures Fund IV ("Forbion Ventures"), Fonds de solidarité FTQ, Genesys Capital, AmorChem, JDRF T1D Fund and adMare BioInnovations in the financing round.
Proceeds from the Series C financing will be used to move Inversago's lead program, INV-202, into a Phase 2 clinical trial in Diabetic Kidney Disease in Q4 2022. This follows the previously announced IND clearance from the FDA and the upcoming promising Phase 1b topline results in subjects with metabolic syndrome. Additionally, the funds will accelerate the Company's other key programs currently in pre-clinical development, while establishing its leadership in the field of CB1 blockers.
"We are privileged to have the support and commitment of such an impressive investor syndicate at this critical stage of the Company's development," said François Ravenelle, PhD, Chief Executive Officer of Inversago Pharma. "This new round of financing is a strong endorsement of the whole Inversago team, who have carried the vision to leverage the potential of the CB1 blockade in developing potent treatments for a growing number of patients suffering from metabolic conditions, such as Diabetic Kidney Diseases and other diabetes-related conditions".
Commenting on the investment, Ed Mathers, General Partner at NEA, said: "Inversago has demonstrated that peripherally-acting CB1 blockers have an untapped potential to create a new class of target therapies that serve diabetic patient populations. Today's financing reflects our shared vision and collaboration with the Company's management as they initiate a Phase 2 clinical trial with INV-202".
Nanna Lüneborg, General Partner at Forbion Growth, added: "We are delighted to join this Series C financing of Inversago, and support the Company to develop a pipeline of new therapies which promise to make a profound impact on the lives of patients with cardiometabolic diseases. We have been impressed by the terrific progress of Inversago since Forbion led the Company's Series B round two years ago and are excited to further support the Company from both Forbion Growth and Forbion Ventures".
About NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's track record of investing includes more than 260 portfolio company IPOs and more than 440 mergers and acquisitions.
About Forbion
Forbion is a dedicated life sciences venture capital firm with offices in The Netherlands, Germany and Singapore. Forbion invests in life sciences companies that are active in the (bio-) pharmaceutical space. Forbion manages well over EUR 2 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. Forbion's current team consists of over 30 life sciences investment professionals that have built an impressive performance track record since the late nineties with investments in 92 companies. Besides financial objectives, Forbion selects investments that will positively affect the health and well-being of patients. The firm is a signatory to the United Nations Principles for Responsible Investment. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.
About Amgen Ventures
Amgen Ventures is Amgen's corporate venture capital fund, dedicated to investing in emerging companies and technologies to advance promising new medicines and solutions to healthcare's biggest challenges.
About Inversago Pharma
Located in Montreal, Inversago Pharma is a privately owned Canadian biotech company at clinical stage, specialized in the development of new therapies focusing on CB1 blockade, based on first-in-class, peripherally-acting CB1 inverse agonists. Inversago aims to provide new treatment options that improve the lives of patients affected by metabolic conditions such as Diabetic Kidney Disease (DKD), including Diabetic Nephropathy (DN), Type 1 and Type 2 Diabetes (T1D T2D), Non-Alcoholic Steatohepatitis (NASH), complications of obesity and hypertriglyceridemia (HTG), as well as fibrotic indications like Progressive Fibrosis-Interstitial Lung Disease (PF-ILD), including Idiopathic Pulmonary Fibrosis (IPF) and other conditions. For more information, visit inversago.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221017005284/en/
Contacts:
François Ravenelle, PhD
Chief Executive Officer, Inversago Pharma Inc.
info@inversago.com
