REGIMMUNE COMPLETES $9.2 MILLION SERIES D FINANCING
REGiMMUNE Corporation announced the closing of a Series D financing earlier this month. The company raised $9.2 million US in this new round, which was led by Japan Asia Investment Corporation (JAIC) and Nippon Venture Capital Corp (NVCC). Additional investors participating in this round are new investors Mizuho Capital, Nissei Insurance, KSP, Inc., the core business entity that operates the Kanagawa Science Park, and Mitsui-Sumitomo Insurance. Existing investors SMBC Venture Capital Co., Ltd., the VC arm of Sumitomo Mitsui Banking Corporation, and Mitsubishi UFJ Bank Capital also invested in this financing. Proceeds from this funding will be used primarily to support the company's early stage product development.
REGiMMUNE successfully completed a Phase I study of RGI-2001 for Graft versus Host Disease (GvHD) and recently announced it has initiated a Phase II clinical trial for RGI-2001. Data from the Phase I study showed no safety concerns up to the highest dose and some preliminary signs of efficacy were observed.
Haru Morita, President and Chief Executive Officer, said, "We now have positive human clinical data that validates the usefulness of our immune-regulating technology platform. The financing announced today will allow us to fund new programs based on our proprietary technology including therapeutics for type 1 diabetes, celiac disease, and inhibitor formation in enzyme replacement therapies (ERT) such as hemophilia and lysosomal diseases."
REGiMMUNE is a biotechnology company focused on the discovery, development and commercialization of immune regulatory therapeutics to treat life-threatening and debilitating conditions, including allergies, autoimmune diseases and transplantation. The company's proprietary platform technology, reVax, induces immune tolerance in an antigen-specific manner through pharmacological induction of regulatory T (Treg) cells. Using its reVax technology, REGiMMUNE is developing RGI-2001, which may be the first drug in the class of Treg-inducing agents.
The company is also applying its reVax technology to develop a range of pipeline products, including its RGI-1000 series for allergy and its RGI-3100 series for type 1 diabetes. Additionally REGiMMUNE is developing products for preventing inhibitor formation in enzyme replacement therapies (ERT) and for celiac disease with undisclosed partners. The company is seeking pharmaceutical partnership opportunities for its products worldwide, exclusive of Japan. REGiMMUNE is headquartered in Tokyo, Japan and has a US operation in San Francisco, California. For more information, visit www.regimmune.com.