Armetheon, Inc., a San Francisco Bay area-based cardiovascular disease-focused, clinical stage, specialty biopharmaceutical company, closed a $24.3m Series B financing.
The round was co-led by Hercules Bioventure Partners and Capital TEN II, with participation from China Development Industrial Bank (CDIB) Healthcare, CDIB & Partners, iD SoftCapital Group and AmKey Ventures, as well as individual investors Larry Hsu, Ph.D., and Mr. Stefan Roever. In connection with the financing, Dr. Hsu, joined the Armetheon Board of Directors.
The company intends to use the funds to advance its lead clinical candidate, tecarfarin, which is being investigated as a novel vitamin-K-antagonist (VKA) oral anticoagulant that avoids adverse drug reactions associated with the current standard-of-care, warfarin. Tecarfarin’s final pivotal clinical study (Tecarfarin for AntiCoagulation Trial or “TACT”) will compare tecarfarin with warfarin in patients with any indication that requires oral anticoagulation, including underserved populations such as patients who respond poorly to warfarin, and patients with prosthetic heart valves for whom novel oral anticoagulants such as the anti-thrombin or Factor Xa inhibitors are either contraindicated or not recommended by professional society guidelines. Armetheon’s 3,000-patient, open-label, real world pivotal trial of tecarfarin will be conducted under a Special Protocol Assessment agreed upon with the FDA in April 2014.
The company is led by M. (Ken) Kengatharan, Ph.D., President and Interim CEO of Armetheon.