By Lisa Kerner
Erie, Pa., Feb. 27 - Microbia, Inc. said it has raised $75 million in series E private equity financing.
"This significant infusion of equity capital will be utilized to advance our proprietary pipeline of novel therapeutics through clinical trials, including both MD-1100 and our phase 1 cholesterol absorption inhibitor MD-0727," chief executive officer Peter Hecht said in a company news release.
"Both of these innovative oral drug candidates - which target the needs of millions of patients - have shown early potential in human studies, and we are committed to their aggressive, comprehensive development."
The financing was led by Sigma Capital Management LLC, joined by Jennison Associates, Maverick Capital, other investors and Microbia's investors from previous financing.
Microbia also announced the start of a second phase 2 clinical trial for MD-1100 for the treatment of gastrointestinal disorders.
The phase 2 study will assess the effects of MD-1100 in patients with chronic idiopathic constipation, while an ongoing phase 2 trial is being conducted in patients with constipation-predominant irritable bowel syndrome.
Data from both phase 2 trials will be available in the second half of 2006.
Located in Cambridge, Mass, Microbia is an entrepreneurial pharmaceutical company.
| Issuer: | Microbia, Inc.
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| Issue: | Series E private equity financing
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| Amount: | $75 million
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| Investors: | Sigma Capital Management LLC (lead), Jennison Associates, Maverick Capital, other investors, Microbia's investors from previous financing.
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| Announcement date: | Feb. 27
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