ReViral Announces US$55 Million Series B Fundraising to Advance RSV Clinical Studies
LONDON--(BUSINESS WIRE)-- ReViral, an antiviral drug discovery and development company, focused on diseases caused by the Respiratory Syncytial Virus (RSV), today announced the successful completion of a US$55 million Series B financing.
The new funding will enable ReViral to progress its lead drug candidate (RV521), a highly potent and orally bioavailable potential treatment for RSV infections, into Phase IIa paediatric and adult trials, and to continue the development of a novel series of antiviral inhibitors targeting RSV replication. RV521 is soon expected to enter an international multicentre Phase IIa paediatric trial. This study will be followed by additional trials in adult stem cell transplant patients.
RSV is the most important respiratory pathogen, with 30 million infections and an estimated 200,000 deaths worldwide annually in children under five years alone. There are currently no approved RSV therapies available, and there is an urgent need for improved drugs for this indication.
The financing was jointly led by New Leaf Venture Partners and Novo Ventures, part of Novo Holdings A/S, with additional new investment from Perceptive Advisors. Existing investors Andera Partners, OrbiMed and Brace Pharma Capital also participated in the fundraise. In conjunction with the financing, representatives of New Leaf Ventures and Novo Ventures will be joining the ReViral Board of Directors.
Dr Ken Powell, Executive Chairman of ReViral’s Board, commented: “We are excited to welcome our new investors to the Company. This financing by top-tier funds is a validation of ReViral’s scientific approach to discovering and developing novel antiviral therapies for RSV, a significant unmet medical need. This milestone also demonstrates the significant progress made by the ReViral team since completing its Series A fundraise of US$21 million in September 2015.”
Isaac Manke, Partner at New Leaf Venture Partners, said: “The lack of treatment options available and the limited competition in RSV offer a significant market for innovative therapies. We believe ReViral has a truly superior product candidate, and the Company’s focus gives it the potential to build a franchise of RSV programmes, eventually expanding into all the diseases associated with infection by this virus.”
Nanna Luneborg, Partner at Novo Ventures, added: “We have been following the RSV field for some time and see ReViral as a leader in this space. We are delighted to offer our investment expertise, furthering the development of the Company as it moves into paediatric trials.”
MTS Securities, LLC acted as exclusive placement agent in connection with the offering.
Notes to Editors
ReViral is an antiviral drug discovery and development company focused on novel antiviral treatments for diseases caused by the respiratory syncytial virus (RSV).
Founded in 2011, ReViral has an experienced R&D leadership team with a successful track record in antiviral drug discovery and development. The company has developed a novel antiviral programme targeting RSV fusion with highly potent, orally bioavailable inhibitors with strong drug-like characteristics and excellent pharmacokinetic properties offering versatility in route of administration. In 2012 ReViral won a significant Seeding Drug Discovery Award from the Wellcome Trust to develop its RSV fusion inhibitors to completion of IND filing. The company also has an RSV replication program at an earlier stage of development and plans to expand its pipeline.
About New Leaf Venture Partners (NLVP)
NLVP was formed in 2005 when the healthcare team spun out of the Sprout Group. The NLVP team has been built over the last two decades and managed healthcare technology portfolios in four Sprout funds and four New Leaf funds. We partner with companies across all phases, from startup to public offerings, as we look to invest in visionary teams, businesses at the forefront of biology and innovation, and disruptive healthcare technologies across the entire healthcare system. And we share our broad perspectives, decades of experience and deep domain expertise to help our portfolio navigate the complexity of the healthcare industry.
About Novo Ventures
Novo Ventures is part of Novo Holdings A/S, a Danish private limited liability company wholly owned by the Novo Nordisk Foundation. Established in 1999, Novo Holdings is the holding company of the Novo Group and manages the Foundation's investment assets. In addition to being the major shareholder in the Novo Group companies, Novo Holdings invests the wealth of the Foundation in two key categories: Life Science Investments, which includes investing in life science companies at all stages of development; and Financial Investments, which manages a diversified portfolio of equity and fixed income securities. Working out of Copenhagen, San Francisco and Boston, Novo Holdings is a world-leading life science investor with a focus on creating long-term value. The purpose of the investments of Novo Holdings is both to grow the assets of the Foundation and to deliver a return that the Foundation can distribute for scientific, social and humanitarian purposes to improve the health and welfare of people.
About Human Respiratory Syncytial Virus (RSV)
Human Respiratory Syncytial Virus (RSV) is the most important respiratory pathogen, responsible for one-fifth of all lower respiratory tract infections worldwide. Historically, it has been considered to be important solely in infection of children, however, with much improved diagnostic tools and the ever-increasing awareness of diseases of the elderly and immunocompromised patient populations, this perception is changing.
RSV infection is responsible for more infant hospitalisations than other viral infections such as influenza. Susceptible populations are premature infants, children, transplant patients, the elderly and people of all ages with heart failure and lung disease. Also, severe infection in infancy is linked to the later development of asthma. In the elderly in the US, it was shown that RSV infection caused 177,500 hospital admissions and 14,000 deaths over a period of 4 years. Hospitalisation costs alone were estimated at more than $1 billion.