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news.Fovea Pharmaceuticals has raised $44 million in a series B financing from a international syndicate of new and existing investors led by Forbion Capital Partners.
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Fovea plans to use the proceeds from this financing to advance its clinical and preclinical pipeline and further develop its technology platform. In 2008, Fovea expects to advance its Fov1101 program for chronic allergic conjunctivitis into Phase II clinical trials and to initiate Phase II studies of its Fov2302 and Fov2301 programs for the treatment of respectively acute and diabetic macular edema. The company expects to bring its fourth drug candidate, FOV2501, a protein discovered by Pr Jose-Alain Sahel’s team (Inserm-UPMC U 592), into clinical trials in the first half of 2009.
In connection with the financing, Sander Slootweg, managing partner at Forbion Capital Partners will join the board of directors which is comprised of Antoine Papiernik (Sofinnova Partners), Tim Haines (Abingworth), Anthony Wild (Bows Pharmaceuticals) and Bernard Gilly. Bernard Gilly has been elected as chairman of the board.
Bernard Gilly, chairman and CEO of Fovea Pharmaceuticals, said: “The company has made enormous progress and this financing will enable us to continue to advance our lead programs through later-stage clinical studies.”