Tioga Pharmaceuticals, Inc., a San Diego, CA-based pharmaceutical company focused on developing novel treatments for gastrointestinal diseases, has closed a $10m Series B equity financing.
The round was led by new investor Thomas, McNerney & Partners, which invested $8m, with participation from existing investor Genesys Capital Partners.
In conjunction with the funding, Jason Brown, Ph.D., principal at Thomas, McNerney & Partners, has joined Tioga’s board of directors.
Led by chairman and CEO Stuart Collinson, Ph.D., Tioga is currently conducting a Phase 3 trial of its compound, asimadoline, for the treatment of diarrhea-predominant irritable bowel syndrome (D-IBS) under a special protocol assessment with the U.S. Food and Drug Administration (FDA). The 600-subject randomized, double-blind, placebo-controlled clinical trial is one of two registration trials required for approval in the U.S. Asimadoline has also been granted Fast Track designation by the FDA for the treatment of D-IBS.
In September 2009, Ono Pharmaceutical Co., Ltd. licensed exclusive rights from Tioga to develop and commercialize asimadoline in Japan, South Korea and Taiwan. Tioga retains all other rights to the compound.
FinSMEs
13/04/2012