Tobira Therapeutics Inc. Closes Financing To Support Development Of CVC In Non-Alcoholic Steatohepatitis

SOUTH SAN FRANCISCO, Calif., March 9, 2015 /PRNewswire/ -- Tobira Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on the development and commercialization of novel treatments for liver and inflammatory diseases, announced today that it has completed a $13 million convertible note financing. The funding will support Tobira's clinical program with cenicriviroc (CVC), its dual CCR2/CCR5 inhibitor targeting immuno-inflammation and fibrogenesis in non-alcoholic steatohepatitis (NASH), a disease associated with obesity and diabetes that often leads to liver cirrhosis. Abingworth LLP, Biotechnology Value Fund, L.P. and other affiliates of BVF Partners L.P. and Stonepine Capital Management LLC, in addition to all of Tobira's current investors, participated in the financing. Financial terms are not being disclosed at this time. The closing of the note financing and the investment by Tobira's current investors was contemplated by the previously announced merger agreement with Regado Biosciences.  The merger is expected to close in the second quarter of 2015.

"The added breadth and expertise brought by our new cross-over investors participating in this financing further strengthens the quality of our investor syndicate," said Laurent Fischer, M.D., chairman and CEO of Tobira Therapeutics. "This financing will allow us to continue to accelerate our clinical program of CVC in NASH as we work towards completing our reverse merger with Regado."

About Tobira Therapeutics

Tobira is a clinical-stage biopharmaceutical company focused on the development and commercialization of therapies to treat liver disease, inflammation, fibrosis and HIV-1. The company's lead product, cenicriviroc (CVC), is a first-in-class immunomodulator and dual inhibitor of CCR2 and CCR5 being evaluated for the treatment of non-alcoholic steatohepatitis (NASH) and HIV-1.  Tobira is actively enrolling patients in a Phase 2b clinical trial called CENTAUR to evaluate CVC in patients with NASH and liver fibrosis.  On January 14, 2015, Tobira and Regado Biosciences (NASDAQ: RGDO) entered into a merger agreement that is expected to close in the second quarter of 2015. Learn more about Tobira at www.tobiratherapeutics.com.

Certain statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, may constitute forward-looking information and forward-looking statements (collectively "forward-looking statements" within the meaning of applicable securities laws). Such statements, based as they are on the current expectations of management of Tobira Therapeutics and upon what management believes to be reasonable assumptions based on information currently available to it, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond Tobira's control. Such statements can usually be identified by the use of words such as "may," "would," "believe," "intend," "plan," "anticipate," "estimate" and other similar terminology, or state that certain actions, events or results "may" or "would" be taken, occur or be achieved.

Whether actual results and developments will conform with our expectations and predictions is subject to a number of risks, assumptions and uncertainties, many of which are beyond our control, and the effects of which can be difficult to predict. These risks include those inherent in drug development, whether Tobira will be able to obtain financing when needed or on favorable terms, and other risks described in Tobira's filings with the Securities and Exchange Commission. In evaluating any forward-looking statements in this release, Tobira cautions readers not to place undue reliance on any forward-looking statements. Unless otherwise required by applicable securities laws, Tobira does not intend, nor does it undertake any obligation, to update or revise any forward-looking statements contained in this news release to reflect subsequent information, events, results or circumstances or otherwise.

Contacts:

Chris Peetz
Chief Financial Officer
Tobira Therapeutics
(650) 351-5018
cpeetz@tobiratherapeutics.com

Mark Corbae
Canale Communications
(619) 849-5375
mark@canalecomm.com

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SOURCE Tobira Therapeutics, Inc.