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.