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.
The study demonstrated that Arikace, delivered once daily for 28 consecutive days using a novel inhalation device, an investigational eFlow nebulizer system (Pari Pharma), produced a significant improvement in lung function, was well-tolerated, and had a side-effect profile comparable to placebo in the treatment of Pseudomonas aeruginosa, a lung infection common in cystic fibrosis patients. The improvement in lung function was dose-dependent and was sustained at 28 days after completion of dosing, which was day 56 of the study.
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.”