Tioga Pharmaceuticals, Inc., a San Diego, CA-based pharmaceutical company focused on developing novel treatments for gastrointestinal diseases, closed an $18m equity financing.
Current investors Forward Ventures, New Leaf Venture Partners and BB Biotech Ventures were joined by new investor Genesys Capital Partners.
The proceeds will be used to fund a Phase 3 clinical trial for asimadoline, an orally administered small molecule, for the treatment of patients with diarrhea predominant Irritable Bowel Syndrome (D-IBS).
In September 2009, Ono Pharmaceutical Co., Ltd. licensed from Tioga exclusive rights to develop and commercialize asimadoline in Japan, South Korea and Taiwan. Ono plans to start clinical studies in Japan during the second quarter of 2010. Tioga retains all other rights to the compound.