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
Tioga Pharmaceuticals, Inc.