Funds to Expand OnCore's Portfolio of Oral Therapeutics for the Treatment of Chronic HBV
OnCore to Advance HBV Compounds Into Phase 1 Clinical Development During 2015
Former Pharmasset Team Leveraging Expertise in Hepatitis R&D
DOYLESTOWN, Pa., Sept. 5, 2014 (GLOBE NEWSWIRE) -- OnCore Biopharma, Inc. ("OnCore" or the "Company"), a biotechnology company focused on the research, development, and commercialization of oral therapies for the treatment of chronic hepatitis B virus (HBV) infection, announced today that it has closed a Series R financing with an unnamed investor.
OnCore now has sufficient capital to continue its consolidation of HBV drug candidates into a single hepatitis B platform company. The Company has assembled a portfolio of multiple unique mechanisms of action targeting important steps in the viral replication process and host immune response. The proceeds from this financing will be used to expand its portfolio of drug candidates and to advance OnCore's existing oral HBV product candidates, which currently include capsid assembly inhibitor and cccDNA formation inhibitor programs.
"This Series R financing provides the financial backing to continue our mission to discover and develop an all-oral cure for patients suffering from chronic hepatitis B infection," stated OnCore's Chief Executive Officer, Patrick T. Higgins. "To achieve this goal, we will pursue combination therapies that include multiple mechanisms of action to eradicate HBV from the liver. Based on our team's proven experience in developing hepatitis B and hepatitis C therapies, we are confident that we can advance our product candidates into the clinic quickly."
About Hepatitis B
Hepatitis B is a serious infection of the liver caused by the hepatitis B virus (HBV) and is considered a major global health problem. Hepatitis B infection can cause chronic liver disease, which increases a patient's risk of death from liver cirrhosis and liver cancer. Estimates from the Centers for Disease Control and Prevention (CDC) indicate that up to 350 million people globally may be chronically infected with hepatitis B and, according to the World Health Organization (WHO), more than 780,000 people die every year due to hepatitis B. Most currently available therapies aim to suppress this viral infection but do not lead to a cure in the overwhelming majority of patients. Identifying a functional or complete cure for hepatitis B infection remains a significant area of unmet medical need.
OnCore Biopharma, Inc. is a privately held biotechnology company focused on the research, development, and commercialization of therapies for the treatment of chronic hepatitis B virus (HBV) infection. The Company was founded by former executives of Pharmasset, Inc., which was acquired by Gilead Sciences in January 2012.
OnCore has assembled a portfolio of novel product candidates with unique mechanisms of action for the treatment of hepatitis B and is focused on delivering a cure. It is widely believed that eradicating covalently closed circular DNA (cccDNA) in HBV-infected hepatocytes represents the ultimate solution for curing chronic hepatitis B infected patients. OnCore is currently addressing an all-oral, permanent HBV cure by targeting cccDNA with the goal of achieving a "functional cure," wherein the risk of death from liver disease due to HBV is the same as a person with a naturally resolved infection. OnCore is combining agents against cccDNA with other novel direct acting antiviral mechanisms and strategies that engage host immune response. OnCore believes that combination therapy will be required to achieve complete eradication of HBV from the liver.
OnCore is located at the Pennsylvania Biotechnology Center in Doylestown, Pennsylvania, which is also home to the Hepatitis B Foundation and the Foundation's research center, the Baruch S. Blumberg Institute.
For more information, please visit http://www.oncorebiopharma.com. To be added to the Company's e-mail list to receive news directly, please send an email to firstname.lastname@example.org. CONTACT: Patrick T. Higgins, CEO email@example.com
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