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Principia Biopharma Secures $12.5M Second Tranche In Series A Financing, Expands Senior Management Team
Date:10/29/2012

SAN FRANCISCO, Oct. 29, 2012 /PRNewswire/ -- Principia Biopharma, Inc., a privately-held biopharmaceutical company focused on advancing best-in-class medicines in immunology, autoimmune diseases, and oncology announced that it successfully met its milestone obligations and received its second tranche of funding totaling $12.5 million in July 2012. The investment was led by existing investors New Leaf Venture Partners, OrbiMed Advisors, Morgenthaler Ventures, SROne and Mission Bay Capital.  In February 2011, Principia completed a tiered Series A round of financing totaling $36.3 million and received the first tranche of $12 million that same month.  Proceeds from this most recent financing will be used to advance Principia's lead molecule towards the clinic and to develop additional programs enabled by the company's reversible covalent platform.

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Martin Babler, CEO of Principia, says, "We are pleased to complete the closing of our second tranche as it provides the necessary funding for Principia to advance our lead compound toward our first clinical trials in 2013. We appreciate the continued support from our current investors as we invest in important treatments for cancer and autoimmune disorders."

EXPANSION OF SENIOR MANAGEMENT TEAM

As part of Principia's growth and its initiatives to bring new medicines to patients, the company has expanded its senior management team with the hiring of Jens Oliver Funk, M.D. as Chief Scientific Officer (C
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SOURCE Principia Biopharma, Inc.
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