Labrys Biologics Inc., a company focused on treatments for chronic migraine, completed a $31m Series A financing.
The round was led by Backers included venBio, with participation from Canaan Partners, InterWest Partners, and Sofinnova Ventures.
With the close of the financing, Labrys has acquired worldwide rights to RN-307 from Pfizer Inc., a Phase 2 ready anti-CGRP humanized monoclonal antibody for the treatment of chronic migraine. RN-307 was originally discovered and developed by Rinat Pharmaceuticals, which was acquired by Pfizer in 2006.
Pfizer received an upfront payment and will be eligible to receive milestone payments, royalties on any sales, and a liquidity payment if Labrys is acquired.
RN-307 has completed Phase 1 trials in more than 74 patients, and the company expects to initiate Phase 2 clinical trials in 2013.
Founded by Corey Goodman , Ph.D., Chairman, and a Managing Director at venBio, Labrys has named Steve James as president and CEO. He has over 20 years of pharma and biotech experience most recently as CEO of KAI Pharmaceuticals which was acquired in 2012 by Amgen.
In conjunction with the funding, Nina Kjellson of InterWest Partners and Mike Powell of Sofinnova Ventures, will join the company’s board.