EIT Pharma has closed an oversubscribed $35 million Series A financing round to advance its infectious disease pipeline, including preparations surrounding the potential approval and commercialization of lonafarnib for chronic hepatitis D. Propel Bio Partners led the round, with participation from Good Ventures, Arrowtown, and other investors.
The financing follows the U.S. Food and Drug Administration’s acceptance of EIT Pharma’s New Drug Application for lonafarnib in chronic hepatitis D, a serious liver disease caused by hepatitis D virus in individuals who also have hepatitis B virus infection.
Lonafarnib is an investigational, first-in-class oral treatment candidate designed to target a key step in the hepatitis D virus lifecycle. The therapy has not been approved by the FDA or another regulatory authority for chronic hepatitis D, and its safety and efficacy have not been established.
If approved, the drug’s oral administration and room-temperature storage could offer practical benefits for patients and healthcare providers by reducing some of the treatment and distribution burdens associated with therapies requiring more complex administration or storage.
EIT Pharma plans to use the Series A proceeds to support the continuing FDA review process, manufacturing and commercial-readiness activities that would be required if lonafarnib receives regulatory approval, and development of additional infectious disease programs.
The financing places the company in a relatively advanced position for a newly funded biotechnology business because its lead asset has already reached the NDA review stage.
EIT Pharma is focused on infectious diseases with significant unmet medical needs and is building its organization around the scientific, clinical, regulatory, and commercial capabilities needed to advance those programs.
KEY QUOTE:
“This new capital allows us to continue advancing lonafarnib through the review process.”
Dr. Leen Kawas, CEO Of EIT Pharma
