NEW YORK, Dec. 12, 2012 /PRNewswire-iReach/ -- River Vision Development Corp. today announced the completion of a Series A financing, raising $17 million for the development of a novel protein therapy, RV 001, for the treatment of Graves' Orbitopathy (GO).
GO is a condition afflicting a proportion of Graves' Disease patients, in which an autoimmune response is mounted against tissues behind the eye, causing inflammation, tissue proliferation and excess production of extracellular matrix. The resulting excess tissue in the area behind the eye causes the eyeballs to protrude from the socket, resulting in often serious ocular morbidity and significant changes in the patient's appearance.
The Series A financing was led by SR One and Lundbeckfond Ventures with participation from Narrow River Management. As a result of the financing, Brian M. Gallagher, Jr., Ph.D. a partner at SR One and Johan Kördel, Ph.D. a senior partner at Lundbeckfonden have joined River Vision's Board of Directors. "We are delighted to be working with SR One and Lundbeckfonden on this exciting project," said Dave Madden, CEO of River Vision. "They bring a wealth of experience and relationships that should be invaluable to River Vision as we bring RV001 forward through development."
"The experience of the management team, the quality of the science behind the hypothesis and unmet medical need in GO combine to make this a very promising rare disease product opportunity" remarked Dr. Gallagher. "We are pleased to collaborate with SR One and the River Vision management team on this exciting project" added Dr. Kördel "and believe the planned study will give us an excellent read on the potential of RV001 to treat this serious autoimmune condition."
About River Vision Development Corp.
River Vision Development Corp. was founded by Narrow River Management, LP (Narrow River) for the sole purpose of developing RV001 for GO and other potential indications. The Company is managed under contract with Narrow River, which founds and provides leadership expertise for special purpose drug development companies.
About SR One
SR One is the independent corporate venture capital arm of GlaxoSmithKline. The firm invests globally in emerging life science companies that are pursuing innovative science which will significantly impact medical care. Since 1985, SR One has invested approximately $700 million in more than 140 companies, and its current portfolio includes over 30 private and public companies. For more information, visit www.srone.com.
About Lundbeckfond Ventures
Lundbeckfond Ventures is an evergreen life science venture fund established and wholly owned by the Lundbeck Foundation. The firm is investing internationally with focus on life science companies that address areas with real unmet medical needs. On an annual basis, Lundbeckfond Ventures invests up to € 50 million. For more information, visit www.lundbeckfondventures.dk
Media Contact: Dave Madden River Vision Development Corp., (212) 582-8400 x105, email@example.com
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SOURCE River Vision Development Corp.