MONTREAL, QUEBEC, Firm completed a $35M financing for the development of THR-184, its lead product candidate for the treatment of acute kidney injury (AKI). The round was led by new investor, SR One, with funds coming from the GSK Canada Life Sciences Innovation Fund.
Thrasos Therapeutics announced that it has completed a $35 Million (U.S.) financing for the development of THR-184, its lead product candidate for the treatment of acute kidney injury (AKI). The round was led by new investor, SR One, with funds coming from the GSK Canada Life Sciences Innovation Fund, part of GlaxoSmithKline's commitment to advance the development and commercialization of scientific innovation in Canada. Five additional new investors and existing investor, SW Co, joined in the round. The new investors were Advanced Technology Ventures (ATV), Fonds de solidariteFTQ, Lumira Capital, MP Healthcare Venture Management and Pappas Ventures. With the financing, Thrasos plans to advance THR-184 through Phase 2 clinical proof of concept in AKI.
"This financing underscores our commitment to fostering innovation in the Canadian life sciences community and our mission to invest in early stage breakthrough technology through the GSK Canada Life Sciences Innovation Fund," stated Dr. Jens Eckstein, President of SR One and lead investor of the financing. "Thrasos' lead therapeutic program for acute kidney injury has demonstrated strong potential in preliminary studies and we are pleased to support this program and other potential opportunities in renal disease, a field of huge unmet medical need."
"The Fonds de solidarite FTQ is proud to be a part of the financing of this project which calls for job creation and expanded operations in Quebec," said Alain Denis, Senior Vice-President for New Economy at the Fonds de solidaritĂ© FTQ. "Our participation is in line with the strategy adopted by the Fonds and its partners such as Lumira Capital to support Quebec's biotechnology sector."
"We are extremely pleased to have the funding and support of SR One and this syndicate of international investors to move the THR-184 program forward," commented Richard Andrews, President and CEO of Thrasos. "AKI represents an important market opportunity in North America and is a daunting challenge with no current treatment available. We are encouraged by the positive data achieved in our preclinical and Phase 1 studies with THR-184 and look forward to advancing this program into Phase 2 and ultimately having a positive impact on patients with the condition."
About Acute Kidney Injury (AKI)
AKI is the temporary loss of renal function that can occur following cardiac and/or vascular surgery, inflammatory disease, trauma or the administration of contrast dye for imaging. Millions of patients undergoing cardiac and vascular surgery as well as medical imaging are at risk of AKI. There are over 1 million AKI patients diagnosed each year in North America, all of whom experience some permanent loss of kidney function. Even more significant is that over 140,000 of these AKI patients progress to multi-organ failure, in-hospital dialysis and experience a high risk of mortality. Survivors of severe AKI also risk progressing to End Stage Renal Disease (ESRD) and permanent dialysis. There are currently no drug therapies available for AKI.
About SR One
SR One is the independent corporate venture capital arm of GlaxoSmithKline. The firm invests globally in emerging life science companies that are pursuing innovative science which will significantly impact medical care. Since 1985, SR One has invested in more than 140 companies, and its current portfolio includes approximately 30 private and public companies. For more information, visit www.srone.com
About the Fonds de solidarite FTQ
The Fonds de solidarite FTQ helps drive our economy. With net assets of $8.5 billion as of May 31, 2012, the Fonds is a development capital investment fund that channels the savings of Quebecers into investments in all sectors of the economy to help further QuĂ©bec's economic growth. Its investments, in all sectors of the economy, contribute to the creation and maintenance of businesses and development in Quebec. The Fonds is a partner, either directly or through its network members, in 2,239 companies. With its 594,287 owner-shareholders, it has helped, on its own or with other financial partners, to create, maintain and protect 168,577 jobs. For more information, visit www.FondsFTQ.com.
Thrasos TherapeuticsTM is a private, clinical stage, biotherapeutics company focused on the discovery and development of targeted therapies for the prevention and treatment of kidney disease. The Company is advancing therapeutic programs, led by THR-184, for renal diseases, including acute kidney injury (AKI) and chronic kidney disease (CKD). Thrasos' drug candidates have been shown to be orally active and protect, repair and restore cell and tissue function in the kidney and other organs. www.thrasos.com
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