New Leaf Venture Partners Announces $12 Million Financing In Tioga Pharmaceuticals
1/10/2006 10:56:47 AM
NEW YORK & MENLO PARK, Calif.--(BUSINESS WIRE)--Jan. 9, 2006--New Leaf Venture Partners (NLV Partners) announced today that it has invested in a $24 million Series A private equity financing in Tioga Pharmaceuticals Incorporated. Tioga Pharmaceuticals is engaged in the development of novel therapies for the treatment of gastrointestinal diseases. Tioga is developing asimadoline, a proprietary small molecule, for treating irritable bowel syndrome (IBS) and post operative ileus. NLV invested $12 million in the Series A financing, which was led by Forward Ventures. BB Biotech Ventures II also participated in the financing. The capital will be used to fund a 600 patient phase IIb clinical trial for irritable bowel syndrome and a 130 patient phase IIa trial for post operative ileus.