iPierian, Inc., a South San Francisco, California-based biotechnology company developing novel therapies for neurodegenerative disease, raised $30m in financing.
The round was co-led by SR One, Kleiner Perkins Caufield & Byers and MPM Capital with participation from existing investors (which are Google Ventures, Mitsubishi UFJ Capital, Atel Ventures, Highland Capital Partners, and FinTech Global Capital).
The company intends to use the funds:
– to accelerate the clinical development program for IPN007, a monoclonal antibody targeting the Tau protein for the treatment of Alzheimer’s disease and other tauopathies (e.g. progressive supranuclear palsy, frontotemporal dementia) planning to file an Investigational New Drug (IND) application with the U.S. FDA in 2014;
– to provide a Series A round to launch a South San Francisco, California-based spin-out company, True North Therapeutics, to advance its lead drug candidate TNT009, a monoclonal antibody that selectively inhibits a target of the Classical Complement pathway, into clinical trials.
Nancy Stagliano will serve as Chief Executive Officer of both iPierian and True North Therapeutics. As part of the financing, Rajeev Dadoo from SR One will join the Board of Directors of both companies.