Tobira completes $31 million Series B financing

Sep 30 2010

Tobira Therapeutics Inc., a biopharmaceutical company focused on developing and commercializing innovative antiviral compounds to treat HIV disease, today announced the completion of a $31 million Series B financing. New investor Novo A/S is leading the round, joined by original investors, Domain Associates, L.L.C., Frazier Healthcare Ventures, Montreux Equity Partners and Canaan Partners.

“The sustained backing of Tobira's original investors, along with participation from Novo A/S, underscores investor confidence in this promising compound and the management team's ability to strategically advance TBR-652 into Phase IIb.”

Additionally, the company announced plans for a Phase IIb clinical trial of its lead compound, TBR-652, a unique dual-action CCR5/CCR2 antagonist, in CCR5-tropic, treatment-naïve HIV patients, based on successful completion of its Phase IIa proof-of-concept study. Proceeds from the financing will be used to advance TBR-652's clinical program.

"We're delighted that Novo A/S is leading the round at this extremely exciting time in Tobira's growth," said Laurent Fischer, M.D., Executive Chairman and Board Director, Tobira Therapeutics Inc. "The sustained backing of Tobira's original investors, along with participation from Novo A/S, underscores investor confidence in this promising compound and the management team's ability to strategically advance TBR-652 into Phase IIb."

Earlier this year, the company announced its Phase IIa results, demonstrating potent antiviral and anti-inflammatory activity in treatment-experienced HIV patients. Potential for once-daily dosing, co-formulation with other antiretrovirals, such as nucleoside-sparing or ritonavir-sparing combinations, as well as anti-inflammatory properties, distinguish TBR-652 from first-generation CCR5 antagonists. These study data were presented at the 2010 Conference on Retroviruses and Opportunistic Infections (CROI) and at the XVIII International AIDS Conference in Vienna, Austria.

"With Novo A/S's support and that of our current investors, we have the necessary resources to move ahead with plans for the Phase IIb study that we anticipate will begin in the first half of 2011," said James Sapirstein, President and CEO of Tobira. "Despite remarkable therapeutic advances, HIV/AIDS continues to diminish or destroy millions of lives the world over. As people with HIV live longer, the role of chronic inflammation -- even in virally suppressed patients -- has become a major clinical concern. TBR-652's potentially game-changing attributes signal a bright future for our promising compound."