San Diego-based Phenomix has raised $55 million in its third round of venture financing. Nomura Phase4 Ventures led the financing with JP Morgan Partners, Delphi Ventures, Baker Brothers, Alta Partners, Sofinnova Ventures, Bay City Capital, CMEA Ventures, Novartis BioVenture Fund and GBS Venture Partners all taking part. Much of the money will fund clinical development of PHX1149 for the treatment of type 2 diabetes and additional programs directed at the hepatitis C virus. PHX1149 is a once-daily DPP4 inhibitor for treatment of type 2 diabetes that will commence phase 2b clinical trials in Q2 2007.
"With PHX1149 moving into a 12-week trial and the HCV program showing promising preclinical results, Phenomix is at an exciting stage of development as a company," said Denise Pollard-Knight, Head of Nomura Phase4 Ventures.
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