MONTREAL, Aug. 10 /PRNewswire/ -- Enobia Pharma, an emerging biotech company focused on developing novel therapeutics for serious bone disorders, today announced that it raised US$50 million from its current investors in a Series C financing. The proceeds will be used primarily to fund the ongoing development program for ENB-0040, Enobia's enzyme replacement therapy (ERT) for hypophosphatasia (HPP), a rare and potentially deadly genetic bone disorder for which there is no currently approved therapy. In addition, a portion of the proceeds will be used to fund an unspecified development program.
Participants in the financing include OrbiMed Advisors LLC ("OrbiMed") of New York, CTI Life Sciences Fund of Montreal ("CTI"), the Fonds de Solidarite FTQ, Desjardins Venture Capital and Lothian Partners. All previously participated in the CDN$40.1M Series B financing in August 2007.
"Enobia and our collaborators have been enormously pleased by the early clinical results in infants with severe hypophosphatasia. We are fortunate to have the ongoing support of knowledgeable investors helping the Company to advance the ENB-0040 development program," said Robert Heft, PhD, President and CEO of Enobia. "This new round of financing will provide the Company with sufficient capital to fund our activities through the first half of 2011 and to reach important clinical and manufacturing milestones."
"This financing underscores our enthusiasm for the potential of ENB-0040 in patients with HPP," said Jonathan Silverstein, Enobia Chairman and General Partner of OrbiMed. "We're pleased to build on our existing relationship with this team of scientists and management who are dedicated to finding treatments for this and other devastating rare bone disorders."
Six month safety and efficacy results of Enobia's Phase I/II study of ENB-0040 in infants with the severe form of HPP will be pr
|SOURCE Enobia Pharma|
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