SAN DIEGO, Sept. 25 /PRNewswire/ -- NovaCardia, a product-focused pharmaceutical company developing small molecule drugs for the treatment of cardiovascular diseases, announced today that it has closed a $48 million Series B financing. The capital raised will support continued clinical development of KW-3902 and other cardiovascular compounds in NovaCardia's pipeline. KW-3902 is a small molecule adenosine A1 receptor antagonist currently in Phase III clinical trials in patients with congestive heart failure (CHF) undergoing diuresis.
The Series B financing was led by Skyline Ventures and joined by InterWest Partners. Previous investors Domain Associates, Forward Ventures, Montreux Equity Partners, and Versant Ventures also participated in the financing. As part of the financing, NovaCardia also announced the addition of David G. Lowe, Ph.D., Partner of Skyline Ventures, and Nina Kjellson, Partner of InterWest Partners, to its board of directors.
"NovaCardia possesses a strong management team and a compelling drug portfolio with the potential to be a leader in the cardiovascular care arena," said Dr. Lowe. "Their success thus far in advancing KW-3902 for CHF makes this an exciting time for the company. I look forward to working with the NovaCardia team to continue the momentum through Phase III trials."
"This financing underscores the excitement around KW-3902 as a promising treatment for patients with CHF," added Randall E. Woods, President and CEO of NovaCardia. "We are pleased that we continue to attract top-tier investors to provide the significant resources that will enable NovaCardia to proceed rapidly with further development of this and other compounds."
Data from two separate randomized, double-blind, placebo-controlled dose-ranging Phase II studies conducted by NovaCardia were presented earlier this month at the Heart Failure Society of America's 10th Annual Scientific Meeting. The data demonstrated that KW-3902 has significant diuretic activity over a six hour period, may allow for preservation of kidney function in patients on diuretic therapy, and may enable earlier discontinuation of intravenous diuretic therapy. Findings also suggest that KW-3902 may prove beneficial in facilitating diuresis in patients refractory to standard diuretic therapy while simultaneously protecting kidney function.
CHF is a serious and life-threatening condition that develops when the heart loses its ability to pump blood efficiently and fluid accumulates in the lungs, abdominal organs (especially the liver) and peripheral tissues. According to the American Heart Association, approximately five million individuals in the U.S. are living with CHF, leading to one million hospitalizations per year.
With 550,000 new cases reported each year, CHF is the only major cardiovascular disease with increasing incidence, prevalence and mortality. Current CHF therapies have numerous limitations and side effects, particularly in patients with kidney dysfunction.
NovaCardia is a privately held product-focused pharmaceutical company with significant capabilities and experience in cardiovascular drug development. The company is committed to improving the quality of care for patients with cardiovascular disease by developing and commercializing novel, clinical-stage drug candidates. For more information, visit www.novacardia.com .
About Skyline Ventures
Skyline Ventures, formed in 1997, is a nationally-known venture capital firm that specializes in hands on investing in outstanding product-focused healthcare companies. Areas of investment interest include small molecule and protein therapeutics; medical devices; and technologies that facilitate drug discovery and life science research. In 2005 Skyline raised Skyline IV, which has $200 million in committed capital, leading to a total of approximately $450 million under management. For more information, visit www.skylineventures.com.
About InterWest Partners
InterWest Partners, founded in 1979, is a leading diversified venture capital firm focused on building long-term relationships with entrepreneurs and portfolio companies. Currently investing its ninth fund, IW IX, a $600 million fund, InterWest has more than $2 billion of capital raised since inception. InterWest has 17 investing partners in Menlo Park, CA and Dallas, TX, who bring together deep domain knowledge in life sciences and information technology. For more information, visit www.interwest.com.
NovaCardia cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in NovaCardia's business including, without limitation, risks related to difficulties or delays in, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization, or that could result in recalls or product liability claims; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. All forward-looking statements are qualified in their entirety by this cautionary statement and NovaCardia undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof.
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