Enobia gins $40M in second VC round

Canada's Enobia Pharma has raised $40.1 million Canadian in its second round, enough money to get its lead therapy through Phase II. New investors OrbiMed Advisors and CTI Life Sciences Fund of Montreal co-led the round. The Fonds de solidarité FTQ, Desjardins Venture Capital, Lothian Partners and T2C2/Bio 2000, current investors in the company, participated in the round. Enobia is developing an enzyme replacement therapy for hypophosphatasia using a bone-targeted form of recombinant alkaline phosphatase that it says has performed well in preclinical studies.

"With no drug therapy available, hypophosphatasia patients and their families experience prolonged and significant suffering," said Robert Heft, PhD, president and CEO of Enobia.

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