BioVascular Inc. Closes $10.87 Million Series C FinancingÂ
SAN DIEGO, Feb. 7 -- BioVascular Inc., a company focused on developing therapies targeting platelet-mediated diseases, today announced that it secured $10.87 Million in Series C financing.Â The Series C funds will support the clinical development of BioVascular's therapeutics targeting platelet-mediated diseases, saratin and BVI-007.
BB Biotech Ventures of Zurich, Switzerland led the financing; previous investors Merck KGaA and Domain Associates also joined the round.Â In connection with the financing, Martin Munchbach, Ph.D., partner of BB Biotech will join BioVascular's board of directors.
Dr. Munchbach joined BB Biotech Ventures in 2004. Prior to joining BB Biotech, he served as a partner at BioMedinvest and has held senior level positions at HBM Partners and New Medical Technologies (NMT). Before NMT, Dr. Munchbach gained experience in strategic marketing at Sanofi-Synthelabo. Dr. Munchbach holds a Ph.D. in protein chemistry, an MSc in biochemistry and a master in economics from the Swiss Federal Institute of Technology (ETH), Zurich.
"With the support of Domain Associates and Merck KGaA, BioVascular has built a solid strategy for advancing our two clinical candidates," noted John Parrish, CEO of BioVascular.Â "As we execute on our plan to become a world-class cardiovascular specialty therapeutics company, we welcome the financial support and advice of Dr. Munchbach and BB Biotech."
Funds raised through this financing will allow BioVascular to complete ongoing clinical trials of its two compounds, saratin and BVI-007. The company has raised a total of $18.87 million to date. Saratin is under investigation to reduce the failure of vascular grafts due to intimal hyperplasia and is currently the subject of two Phase I/II clinical trials.Â BVI-007, a compound that acts to reduce platelet production without affecting platelet function, is being studied in a Phase Ib dose selection clinical trial.Â All trials are expected to be completed in 2009.
"BioVascular is well-positioned to capture the potential of its two unique compounds, each of which address significant medical needs," said Dr. Munchbach.Â "We believe that the company's strong management team and commercial development strategy make it a wise investment, and we look forward to assisting the team as the company grows."
BioVascular's most advanced compound, saratin is a 12 kDa polypeptide originally identified as a component of leech saliva (Hirudo medicinalis) and currently produced as a recombinant protein in yeast.Â The polypeptide is designed to be applied to the inner surface of the arterial wall during surgery.Â There, it coats exposed collagen fibrils and inhibits the binding of platelets to those fibrils.Â By blocking platelet adhesion, saratin blocks the first step in a sequence of events that involve platelet aggregation and activation and may thereby prevent subsequent thrombus formation and intimal hyperplasia that occurs in a range of vascular surgical and endovascular procedures.Â Saratin is currently being studied in two Phase I/II clinical trials.
BVI-007 is BioVascular's second product candidate and acts to reduce platelet production without affecting platelet function or affecting the levels of other blood cellular components. Human clinical studies have shown that high platelet counts significantly correlate to the occurrence of secondary cardiovascular events such as myocardial infarction, thrombotic stroke and death.Â BioVascular has secured exclusive worldwide rights to BVI-007.Â BVI-007 is currently under investigation in a Phase Ib dose selection study.
About BioVascular, Inc.
BioVascular is a privately-held, cardiovascular and vascular disease focused company, dedicated to developing novel therapeutics for platelet-mediated disorders.Â Started in 2005, the company is leveraging its exclusive rights to two clinical stage cardiovascular compounds with differentiated mechanisms of action to become a leading specialty therapeutics company.Â BioVascular's most advanced clinical compound, saratin, is currently being studied in two Phase I/II clinical trials for vascular graft failures due to intimal hyperplasia.Â The company recently acquired the full worldwide rights to BVI-007, which reduces platelet numbers without impairing platelet function.