Building on its deep-seated roots in hereditary angioedema, Pharvaris is developing novel, oral bradykinin-B2-receptor antagonists to treat and prevent HAE attacks. The company has raised $70 million in a private placement financing round led by General Atlantic and venBio Partners. The funds will, among others, enable research and development and cover product discovery expenses.
Pharvaris (Nasdaq: PHVS) has entered into a subscription agreement relating to the offer and sale of an aggregate of 6,951,340 ordinary shares of the company, par value €0.12 per share, in a private placement to a group of institutional investors. In addition to General Atlantic and venBio Partners, the round saw the participation of Bain Capital Life Sciences, Foresite Capital, and Venrock Healthcare Capital Partners, at an offering price of $10.07 per share, for gross proceeds of approximately $70 million before deducting any offering-related expenses.
The company intends to use the net proceeds from the Offering to fund research and development and product discovery expenses and for working capital and general corporate purposes.
Founded in 2015, Pharvaris is a clinical-stage company focused on the development and commercialization of novel oral bradykinin-B2-receptor antagonists for the treatment of hereditary angioedema (HAE) and other bradykinin-B2-receptor-mediated indications. By directly targeting this clinically proven therapeutic target with novel small molecules, the Pharvaris team aspires to offer people with all sub-types of HAE safe, effective, and convenient alternatives to treat attacks, both on-demand and prophylactically.
Its lead candidate, PHVS416, is an investigational softgel capsule formulation containing deucrictibant and is designed to provide rapid and reliable symptom relief, through rapid exposure of attack-mitigating therapy in a convenient, small oral dosage form. In a Phase 2 study, PHVS416 demonstrated consistent positive results across all endpoints and assessments, supporting the efficacy and tolerability profile of PHVS416 in treating HAE attacks. The drug is currently in Phase 2 clinical development outside the U.S. for the on-demand and proof-of-concept prophylactic treatment of HAE.
The second candidate, PHVS719 is an investigational extended-release tablet formulation containing deucrictibant. PHVS719 is designed to prevent HAE attacks in a convenient, small oral dosage form. PHVS719 is currently in Phase 1 clinical development for the prophylactic treatment of HAE. In healthy volunteers, a single dose of PHVS719 was well tolerated with an extended-release profile supporting once-daily dosing.
(Press release/RAN)
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