Reata Pharmaceuticals, Inc., an Irving, Texas-based developer of oral anti-inflammatory drugs, has completed a $78m equity financing.
The round, which was led by existing investors CPMG, Inc. and Novo A/S, brings the total amount raised by the company to date to $180m.
This new capital infusion will allow Reata to complete the second of two pivotal trials for bardoxolone methyl in patients with advanced chronic kidney disease (CKD) and Type 2 diabetes, as well as advance other potential products from its pipeline into clinical development.
In order to launch bardoxolone, the company is also planning to build a commercial organization in the United States. Reata has already entered into a partnership with Kyowa Hakko Kirin to develop the product for Japan and certain other Asian markets and intends to seek a partner for expanded global development and commercialization in Europe and other worldwide markets.