October 3, 2008
Transave Secures $12.5 Million in Venture Financing
Transave, a biopharmaceutical company, has secured a $12.5 million venture loan from CIT Healthcare and Compass Horizon Funding Company, an affiliate of Horizon Technology Finance Management.
Transave has previously reported positive Phase II data on Arikace from a randomized, placebo-controlled, 15-center study conducted in Europe.
Based on the strength of the Arikace clinical profile to date, the company has initiated a Phase II trial to evaluate the compound for treating Pseudomonas infections in patients with non-cystic fibrosis-related bronchiectasis in Europe and India. The FDA has also agreed to the company's plans to expand this trial into the US.
Whitten, CEO of Transave, said: "This financing, in addition to a $35 million series D financing closed in March 2008, will enable us to complete our Arikace Phase II program for the treatment of Pseudomonas infections in cystic fibrosis patients. It also allows us to broaden the Arikace clinical trial program by initiating a Phase II clinical trial in a second area of high unmet need - bronchiectasis patients who have Pseudomonas lung infections."