New Capital Will Support Preparations for Phase 3 Trial of Long-Acting Recombinant Human Growth Hormone in Pediatric GHD Patients
REDWOOD CITY, CA--(Marketwired - Feb 18, 2014) - Versartis, Inc., an endocrine-focused biopharmaceutical company that is developing a novel, long-acting form of recombinant human growth hormone (rhGH) for the treatment of growth hormone deficiency (GHD), today announced that it has completed a $55 million Series E financing. Five undisclosed new investors, all of which are leading life science investment firms, joined existing investors Sofinnova Ventures, Aisling Capital, New Leaf Venture Partners and Advent Life Sciences in this round. Versartis was founded by Amunix, Inc. and Index Ventures to explore the clinical potential of novel drugs using Amunix's XTEN technology. This financing brings the company's total capital raised to $132 million.
The proceeds from this financing will primarily be used to prepare for an international Phase 3 pediatric GHD trial of VRS-317, the company's proprietary long-acting rhGH for the treatment of GHD. VRS-317 is currently being studied in pediatric GHD patients in a Phase 2a clinical trial to evaluate the 6-month efficacy and safety.
"We are pleased to welcome our new investors to our investor syndicate," said Versartis Chief Executive Officer Jeffery L. Cleland, PhD. "This financing will allow us to further advance the clinical development of our lead compound, VRS-317, which we believe has the potential to be a highly differentiated treatment for pediatric GHD."
Versartis, Inc. is an endocrine-focused biopharmaceutical company initially developing VRS-317, a novel, long-acting form of recombinant human growth hormone, for the treatment of growth hormone deficiency (GHD). The company is currently completing a Phase 2a clinical trial of VRS-317 in children with GHD. Further information on Versartis can be found at www.versartis.com.