Tioga Pharmaceuticals, Inc. Raises $18 Million to Fund Phase 3 Clinical Trial in Irritable Bowel Syndrome
SAN DIEGO, Feb 17, 2010 (BUSINESS WIRE) -- Tioga Pharmaceuticals, Inc. today announced the closing of an $18 million equity financing. Current investors Forward Ventures, New Leaf Venture Partners and BB Biotech Ventures were joined by new investor Genesys Capital Partners.
The proceeds will be used to fund a Phase 3 clinical trial for asimadoline for the treatment of patients with diarrhea predominant Irritable Bowel Syndrome (D-IBS). The trial, one of two registration trials required for approval in the United States, is a 600-subject randomized, double-blind, placebo-controlled, single-dose clinical trial in D-IBS patients. The trial is scheduled to begin at 120 sites in the United States next month.
In September 2009, Ono Pharmaceutical Co., Ltd. licensed from Tioga exclusive rights to develop and commercialize asimadoline in Japan, South Korea and Taiwan. Ono plans to start clinical studies in Japan during the second quarter of 2010. Tioga retains all other rights to the compound.
Asimadoline is an orally administered small molecule that is a highly selective, peripherally restricted, kappa opioid receptor agonist. In a 596-subject Phase 2b clinical trial asimadoline demonstrated statistically significant results in the treatment of D-IBS patients with at least moderate pain across multiple parameters including endpoints of pain, urgency, frequency and bloating in both males and females. A therapeutic benefit was observed within the first month of treatment and was sustained for the three month duration of the trial. Asimadoline appeared to be well tolerated with no adverse events occurring in a dose-dependent manner throughout the randomized, double-blind, placebo-controlled, dose-ranging clinical trial.
Tioga Pharmaceuticals, Inc. is a pharmaceutical company headquartered in San Diego, CA focused on developing novel treatments for gastrointestinal diseases. For more information, please visit www.tiogapharma.com.