Venture capitalists Rich Kollender and Steve Kraus are joining the board at Transave after helping come up with $35 million in new venture backing to get the developer through to proof-of-concept data. Quaker BioVentures and Bessemer Venture Partners led the Series D, joined by TVM Capital, Prospect Venture Partners, Fidelity Biosciences, Forbion Capital Partners and Easton Capital.
"Proceeds from the financing will enable Transave to deliver Phase II proof of concept data for our lead clinical compound, Arikace (liposomal amikacin for inhalation). We are on track to have Arikace Phase II clinical data in cystic fibrosis patients that have Pseudomonas lung infections this year. In addition, Phase II bronchiectasis data will be available in the first half of 2009," said Tim Whitten, president and CEO of Transave.
The biotech describes Arikace as a form of the antibiotic amikacin enclosed in nanocapsules of lipid called liposomes. This "liposomal technology prolongs release of amikacin in the lung while minimizing systemic exposure."
- check out the press release