Principia Biopharma, Inc., a South San Francisco, CA-based biopharmaceutical company focused on advancing medicines in immunology, autoimmune diseases, and oncology, received its $12.5m second tranche of funding after meeting milestone obligations.
Backers include existing investors New Leaf Venture Partners, OrbiMed Advisors, Morgenthaler Ventures, SROne and Mission Bay Capital.
In February 2011, Principia had closed a tiered Series A round of financing totaling $36.3m and received the first tranche of $12m that same month. This new financing will be used to advance its lead molecule towards the clinic and to develop additional programs enabled by its reversible covalent platform.
Led by Martin Babler, CEO, CSO Jens Oliver Funk, M.D., the company initially focuses on the discovery and development of differentiated small molecule drugs targeting inflammatory/autoimmune diseases as well as cancer. Principia expects to submit an IND for its lead program in 2013 and continues to invest in additional programs and its reversible covalent platform.