Inversago Pharma announced it has secured a US$35 million Series B financing round led by Forbion, with co-investment from the Fonds de solidarité FTQ, and strong participation from existing investors Genesys, JDRF T1D Fund, Amorchem, Anges Québec Capital, adMare BioInnovations and angels. Proceeds will be used to develop Inversago’s peripherally-acting CB1 inverse agonist candidate INV-101 to clinical proof-of-concept, and advance the research on other selected compounds.
Clinical and scientific data suggest that the peripheral CB1 pathway is activated in a majority of metabolic and fibrotic diseases, including Prader-Willi syndrome (PWS), NASH, type-1 diabetes and diabetic nephropathy. All these conditions currently have inadequate treatment options. CB1 inhibition has previously shown to be an effective clinical treatment in several diseases and conditions, although there is a CNS liability related to the central CB1 blockade. Inversago compounds are peripherally-acting only, thus adopting a safe and potent approach.
“Today’s financing is a recognition of the progress achieved over the past two years by our team,” said François Ravenelle, PhD, CEO and founder of Inversago Pharma. “We are privileged to have secured the financing from a transatlantic syndicate of leading and committed investors like Forbion and the Fonds de solidarité FTQ. It allows the Company to make important strides towards its objective of leveraging the full medical potential of a peripheral CB1 blockade” added Dr. Ravenelle.
In conjunction with this financing, Inversago appointed Carlo Incerti, MD, an Operating Partner at Forbion, as Chairman of the board of directors, Marco Boorsma, PhD, a General Partner at Forbion, and Patricia Allen, a biotech leader, as directors of the Company. Ms. Allen will also serve as Chair of the Audit Committee.