Enobia garners $40M to finance ongoing ERT studies

Montreal-based Enobia Pharma has rounded up $40 million to back its studies of a new enzyme replacement therapy for hypophosphatasia, a rare and potentially life threatening genetic bone disorder. According to a statement, BofA Merrill Lynch handled the placement of more than 13 million shares with new, and unnamed, pharma and financial investors.

"We are pleased by the strong interest from both strategic and financial investors.  We look forward to building a first rate biopharmaceutical company focused on rare genetic bone diseases," said Enobia Chairman and OrbiMed General Partner Jonathan Silverstein.

The biotech says it will have one-year treatment data from their Phase II study of ENB-0040 in the first half of next year. Enobia reports that it has completed two 6-month clinical studies in hypophosphatasia; "a Phase I/II study initiated in October 2008 in infants and young children with life threatening hypophosphatasia, and a phase II study in children aged 5-12."

OrbiMed Advisors, CTI Life Sciences Fund of Montreal, the Fonds de Solidarite FTQ, Desjardins Venture Capital and Lothian Partners all chipped in to Enobia's $50 million venture round in 2009. The biotech raised $40 million two years earlier in a Series B.

- here's the Enobia release