Pharvaris Announces $80 Million Series C Financing

Hereditary angioedema (HAE) is a rare and potentially life-threatening genetic condition with symptoms that include episodes of debilitating and often painful swelling in the hands, feet, face (lips and tongue), gastrointestinal tract, urogenital region or airways. Attacks are unpredictable in frequency, location, timing, and severity, with multiple types of triggers. According to scientific publications, patients experience a median of 14 attacks per year, and half of patients experience a potentially life-threatening airway attack at least once in their lifetime.

Pharvaris focuses on the discovery and development of novel oral bradykinin-B2-receptor antagonists for the treatment of HAE and other bradykinin-B2-receptor-mediated indications. The company has closed an oversubscribed $80 million Series C financing bringing its total venture funding to over $160 million to date. Viking Global Investors and General Atlantic co-led the financing, with participation by Cormorant Asset Management. Current investors Foresite Capital, Bain Capital Life Sciences, venBio Partners, and Venrock Healthcare Capital Partners also participated in the round.

“Our team is committed to developing and delivering differentiated products to patients – the oversubscription of our Series C highlights broad enthusiasm for our vision for HAE and beyond,” said Berndt Modig, Chief Executive Officer and co-founder of Pharvaris. “The backing from this prominent group of investors will enable us to develop our pipeline of compounds for the treatment of HAE and other bradykinin-B2-receptor-mediated indications. We expect to complete our Phase 1 assessments in healthy volunteers at the end of the year and anticipate announcing top-line data in 2021.”

The proceeds from the Series C financing will fund the clinical advancement of Pharvaris’ pipeline of novel oral bradykinin-B2-receptor antagonists for the treatment of HAE, including both on-demand treatment and prophylactic prevention. Pharvaris’ first product candidate, PHVS416 (PHA121 in soft capsules), is a potent, orally available bradykinin B2-receptor antagonist designed to block the effects of bradykinin during HAE attacks. Pharvaris is also developing an orally available extended-release product containing PHA121 specifically for prophylaxis in HAE patients.