Tioga Pharmaceuticals to utilize $18M equity funding for Phase 3 clinical trial of asimadoline

Tioga Pharmaceuticals, Inc. today announced the closing of an $18 million equity financing. Current investors Forward Ventures, New Leaf Venture Partners and BB Biotech Ventures were joined by new investor Genesys Capital Partners.

The proceeds will be used to fund a Phase 3 clinical trial for asimadoline for the treatment of patients with diarrhea predominant Irritable Bowel Syndrome (D-IBS). The trial, one of two registration trials required for approval in the United States, is a 600-subject randomized, double-blind, placebo-controlled, single-dose clinical trial in D-IBS patients. The trial is scheduled to begin at 120 sites in the United States next month.

In September 2009, Ono Pharmaceutical Co., Ltd. licensed from Tioga exclusive rights to develop and commercialize asimadoline in Japan, South Korea and Taiwan. Ono plans to start clinical studies in Japan during the second quarter of 2010. Tioga retains all other rights to the compound.