SANTA CLARA, Calif.--(BUSINESS WIRE)--Site-specific drug delivery company Talima Therapeutics, Inc. announced today that they have raised $19 million in an oversubscribed second funding round. The funding will allow the company to proceed through Phase II clinical trials. US Venture Partners and Latterell Venture Partners led the round, joining current investors De Novo Ventures and Palo Alto Healthcare in the financing of Talima.
Talima, founded in 2005, has developed a proprietary micro-implant technology (TMI) that enables local application alternatives to systemic drugs. While Talima's platform has many potential applications, the company has chosen to focus first on targets in dermatology. For many patients, especially in dermatology, the adverse effects or contraindications of systemic drugs prevent use and therefore prevent treatment.
For example, only about ten percent of psoriasis patients receive systemic drugs since their condition must be severe enough to outweigh the immunosuppressive risk. Onychomycosis is often treated with a combination of modalities to shorten the duration of systemic drug use, and to minimize the risk of adverse effects of oral terbinafine (brand name Lamisil®). Because of potential side effects, Lamisil®, a drug with sales of almost $1 billion, is used by less than half of onychomycosis patients. Finally, systemic acne medication is used only after topical medication fails. Talima seeks to reach underserved patients by optimizing therapeutic performance and eliminating undesirable side effects.
"I am impressed by Talima's approach," stated Dr. Richard Odom, practicing dermatologist, past president of the American Academy of Dermatology and former chair of the UCSF Department of Dermatology. "This technology represents an exciting opportunity to treat disorders in a concentrated, site-specific manner and avoid systemic risks." Phil Young, General Partner at US Venture Partners, echoed Dr. Odom's enthusiasm, noting that from a business standpoint the initial indication has an attractive combination of characteristics: "a proven drug with a billion-dollar-plus market, an expiring patent, a toxicity profile that significantly limits the drug's clinical use, and a TMI technology that should significantly reduce toxicity issues and appeal to clinicians."
On the close of the oversubscribed Series B round, CEO David Henkel-Wallace remarked that the company is "delighted to have such outstanding, experienced partners involved at this level. The success of this round will help Talima complete significant milestones."
U.S. Venture Partners (USVP) is a leading Silicon Valley-based venture capital firm dedicated to helping entrepreneurs build world-class companies that are leaders in their markets.
About Latterell Venture Partners
Latterell Venture Partners was formed in 2001 to invest exclusively in early stage healthcare companies.
Talima Therapeutics is an emerging drug delivery company dedicated to the development of novel products that increase patient choice and improve quality of life.
Lamisil® is a registered trademark of Novartis Pharmaceuticals.
Talima Therapeutics, Inc.
David Henkel-Wallace, 650-331-7246
For Media Contact:
Niquette Hunt, 415-596-1343
Source: Talima Therapeutics, Inc.