Thrasos completes $35 Million financing for development of THR-184 against AKI

Thrasos Therapeutics^TM announced that it has completed a $35 Million (U.S.) financing for the development of THR-184, its lead product candidate for the treatment of acute kidney injury (AKI). The round was led by new investor, SR One, with funds coming from the GSK Canada Life Sciences Innovation Fund, part of GlaxoSmithKline's commitment to advance the development and commercialization of scientific innovation in Canada. Five additional new investors and existing investor, SW Co, joined in the round. The new investors were Advanced Technology Ventures (ATV), Fonds de solidarité FTQ, Lumira Capital, MP Healthcare Venture Management and Pappas Ventures. With the financing, Thrasos plans to advance THR-184 through Phase 2 clinical proof of concept in AKI.

"This financing underscores our commitment to fostering innovation in the Canadian life sciences community and our mission to invest in early stage breakthrough technology through the GSK Canada Life Sciences Innovation Fund," stated Dr. Jens Eckstein, President of SR One and lead investor of the financing. "Thrasos' lead therapeutic program for acute kidney injury has demonstrated strong potential in preliminary studies and we are pleased to support this program and other potential opportunities in renal disease, a field of huge unmet medical need."

"The Fonds de solidarité FTQ is proud to be a part of the financing of this project which calls for job creation and expanded operations in Québec," said Alain Denis, Senior Vice-President for New Economy at the Fonds de solidarité FTQ. "Our participation is in line with the strategy adopted by the Fonds and its partners such as Lumira Capital to support Quebec's biotechnology sector."

"We are extremely pleased to have the funding and support of SR One and this syndicate of international investors to move the THR-184 program forward," commented Richard Andrews, President and CEO of Thrasos. "AKI represents an important market opportunity in North America and is a daunting challenge with no current treatment available. We are encouraged by the positive data achieved in our preclinical and Phase 1 studies with THR-184 and look forward to advancing this program into Phase 2 and ultimately having a positive impact on patients with the condition."