Trevi Therapeutics Announces $10 Million Series A Financing from TPG Biotech
Company is focused on developing T111 for uremic pruritus and other itching conditions
December 18, 2012
NEW HAVEN, Conn.--(BUSINESS WIRE)--Trevi Therapeutics, Inc. ("Trevi") today announced the closing of a $10 million Series A financing to advance the clinical development of T111 in the lead indication of uremic pruritus. The Series A investment was completed with TPG Biotech, the life science venture investment arm of TPG which had previously made a seed investment in the Company.
With the proceeds from the Series A investment, Trevi intends to advance T111, an oral extended release opioid with a unique agonist/antagonist mechanism of action, into clinical development for the treatment of uremic pruritus. Uremic pruritus is a persistent and debilitating itching in patients on dialysis that has been linked to increased mortality. Currently, there are no approved drug therapies for the treatment of uremic pruritus in the U.S. or Europe.
"I am very pleased to have TPG Biotech as a partner as we continue the development of T111 in this serious medical condition," said Jennifer Good, Trevi's President and Chief Executive Officer. "Treatment of chronic skin itching is a significant unmet clinical need, and we believe that the unique dual mechanism of action of T111 could have broad applicability in the pruritus market. We plan to initiate an efficacy clinical trial in uremic pruritus patients in the first quarter of 2014."
Eran Nadav, Ph.D., Managing Director at TPG Biotech, added, "TPG is delighted to back the Trevi team. The potential of T111 to relieve pruritus is supported by solid scientific data, and we believe it represents an interesting market opportunity."
Trevi was founded in 2011 by Ms. Good and Dr. Thomas Sciascia, who, together, previously formed the executive management team at Penwest Pharmaceuticals. Prior to the Series A investment, Trevi received funding from angel investors as well as a seed investment from TPG Biotech to conduct pre-clinical testing, regulatory activities, initial clinical planning and the prosecution of the Company's intellectual property. Joining Ms. Good on Trevi's Board of Directors are Eran Nadav, Ph.D. and Cayce Denton, from TPG Biotech. The company will be located in New Haven, CT.
About Trevi Therapeutics, Inc.
Trevi Therapeutics, Inc. is a drug development company founded in 2011 focused on developing T111 for the severe chronic itching condition known as pruritus. Pruritus is manifested in various dermatological, metabolic, hematologic and neuronal conditions. The Company is pursuing uremic pruritus as the lead indication. Uremic pruritus is a persistent and debilitating itching in patients on dialysis that has been linked to increased mortality. T111 is an oral extended release opioid with a unique dual agonist/antagonist mechanism of action, which has been shown in both animal and human clinical studies as being effective in pruritus.
For additional information, visit www.trevitherapeutics.com.
Trevi Therapeutics, Inc.
Laura Brophy, 203-331-7618