Imbria Pharmaceuticals – a clinical-stage biotechnology company developing novel therapies for cardiometabolic diseases with high unmet need – announced the closing of a $57.5 million Series B funding with a top-tier syndicate of life science investors led by new investor, Deep Track Capital. And additional new investors participating in the financing include AN Ventures, Catalio Capital Management, and Cytokinetics, Inc. Existing investors RA Capital Management and SV Health Investors also contributed to the funding.
The proceeds from the funding will be used to advance ninerafaxstat through a Phase 2b randomized, double-blind, placebo-controlled, clinical trial in non-obstructive hypertrophic cardiomyopathy (nHCM), called FORTITUDE-HCM. And the company plans to initiate FORTITUDE-HCM in Q2 2025, with topline data in late 2026.
Ninerafaxstat previously showed positive results in multiple Phase 2a clinical trials in nHCM (the IMPROVE-HCM trial) and heart failure with preserved ejection fraction (HFpEF) (the IMPROVE-DiCE trial).
The company also revealed the appointment of its current Executive Chair, Alvin Shih, MD, to the Chief Executive Officer role and the appointment of Rebecca Luse, Managing Director at Deep Track Capital, to its Board of Directors. Dr. Shih will remain a member of the company’s Board of Directors.
Before joining Imbria, Dr. Shih was CEO and President of Catamaran Bio, a venture-backed company developing allogeneic cell therapies. He was also CEO of Disarm Therapeutics (acquired by Eli Lilly) and Enzyvant Therapeutics (acquired by Sumitomo). He previously held senior leadership roles at Retrophin and Pfizer, where he was the Chief Operating Officer of the Pfizer Rare Disease Research Unit. And Dr. Shih began his career as a management consultant at McKinsey & Co. and LEK Consulting. He holds an MBA from the Kellogg School of Management, an MD from the University of Alabama, and completed his residency training in internal medicine at the Massachusetts General Hospital.
KEY QUOTES:
“It’s a privilege to step into the role of CEO at such a defining moment for Imbria. The closing of this funding round, the initiation of our Phase 2b nHCM trial, and the recent presentation of our HFpEF data at ACC.25 all point to an exciting future for ninerafaxstat. Ninerafaxstat’s unique mechanism of action, coupled with a strong efficacy and safety profile that has now been demonstrated in multiple clinical trials, positions it as a potential first-in-class therapy for a broad spectrum of cardiometabolic diseases with high unmet need.”
- Dr. Shih
“We eagerly look forward to the outcome of the FORTITUDE-HCM trial which we believe will confirm the efficacy of ninerafaxstat in improving quality of life and functional capacity of patients with nHCM, who currently have no approved therapeutic options. We believe in the potential of ninerafaxstat to provide a novel and differentiated treatment for nHCM and other cardiometabolic diseases, and we are proud to support the Imbria team under Dr. Shih’s leadership at this pivotal juncture.”
- Rebecca Luse, Managing Director at Deep Track Capital
