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Tioga raises $24 million in series A financing to fund clinical trials of asimadoline for irritable bowel syndrome
By E. Janene Geiss
Philadelphia, Jan. 6 - Tioga Pharmaceuticals Inc. said it raised $24 million is a series A financing round.
Forward Ventures, which founded Tioga, was the lead investor. Other investors included New Leaf Venture Partners and BB Biotech Ventures II.
The capital will be used to fund a 600-patient phase 2b clinical trial to evaluate its proprietary small molecule drug candidate asimadoline for the treatment of irritable bowel syndrome and a 130-patient phase 2a trial of asimadoline in post operative ileus.
"I am excited to be leading the clinical development of asimadoline. I believe this is the most promising medicine in development today for the treatment of IBS," Allen Mangel, Tioga's chief medical officer and the former worldwide head of gastrointestinal clinical development at GlaxoSmithKline, said in a company news release.
Asimadoline is a proprietary small molecule therapeutic discovered and developed by Merck KGaA of Darmstadt, Germany. Tioga said it has acquired all rights to asimadoline from Merck.
The compound has been tested in nearly 800 subjects and demonstrated a promising safety profile. It has shown encouraging clinical efficacy for the treatment of irritable bowel syndrome and has the potential for treating other gastrointestinal diseases, officials said.
Forward Ventures said it is Southern California's largest venture fund focused exclusively on life sciences. It invests in early, mid- and late-stage biopharmaceutical and device companies.
Tioga is engaged in the development of novel therapies for the treatment of gastrointestinal diseases.
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