Synageva BioPharma Announces Additional $25 Million Funding to Support Rare Disease Product Development
LEXINGTON, Mass., Mar 21, 2011 (BUSINESS WIRE) -- Synageva BioPharma Corp., a privately held biopharmaceutical company developing therapeutic products for rare disorders, announced today the closing of a $25 million private equity financing. All of Synageva's lead investors participated in the funding.
"This financing continues to strengthen Synageva's financial position and provides us with additional resources as we advance our clinical program for SBC-102," said Chris Heberlig, Synageva's Vice President of Finance. "Our investors responded to the compelling data for our lead program and the exciting pipeline behind it." Synageva has initiated global clinical studies for SBC-102, an enzyme replacement therapy for Lysosomal Acid Lipase (LAL) Deficiency, a rare and devastating disease.
Synageva has secured $70 million in funding over the last two and a half years.
"The company's ability to raise capital during these challenging economic times is a testament to the strength of our corporate vision and execution, the team's extensive rare disease expertise, the product pipeline, and our ability to make these products at commercial scale," said Sanj K. Patel, Synageva's President and CEO. "This latest funding further supports our mission of improving the lives of patients suffering from devastating rare diseases." In addition to initiating the global clinical studies for SBC-102, Synageva continues to expand the network of physicians and medical professionals that will be instrumental in developing this program and the company's other rare disease therapeutic candidates. These include two enzyme replacement therapies for Lysosomal Storage Disorders (LSDs) and two non-LSD programs for life-threatening conditions.
About Synageva BioPharma Corp.
Synageva BioPharma Corp. is dedicated to discovering, developing and delivering therapies for patients with rare conditions and unmet medical need. The Company has developed a pipeline of novel therapeutic products for under-served populations and assembled a team with a proven record of bringing orphan therapies to patients. Further information regarding Synageva BioPharma Corp. is available at www.synageva.com.
SOURCE: Synageva BioPharma Corp.