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Tioga Pharmaceuticals, Inc. Raises $18
Million to Fund Phase 3 Clinical Trial in Irritable Bowel
Syndrome
SAN DIEGO, Calif. – February 17, 2010 – Tioga Pharmaceuticals,
Inc. today announced the closing of an $18 million equity
financing. Current investors Forward Ventures, New Leaf Venture
Partners and BB Biotech Ventures were joined by new investor
Genesys Capital Partners.
The proceeds will be used to fund a Phase 3 clinical trial for
asimadoline for the treatment of patients with diarrhea
predominant Irritable Bowel Syndrome (D-IBS). The trial, one of
two registration trials required for approval in the United
States, is a 600-subject randomized, double-blind,
placebo-controlled, singledose clinical trial in D-IBS patients.
The trial is scheduled to begin at 120 sites in the United
States next month.
In September 2009, Ono Pharmaceutical Co., Ltd. licensed from
Tioga exclusive rights to develop and commercialize asimadoline
in Japan, South Korea and Taiwan. Ono plans to start clinical
studies in Japan during the second quarter of 2010. Tioga
retains all other rights to the compound.
About Asimadoline
Asimadoline is an orally administered small molecule that is a
highly selective, peripherally restricted, kappa opioid receptor
agonist. In a 596-subject Phase 2b clinical trial asimadoline
demonstrated statistically significant results in the treatment
of D-IBS patients with at least moderate pain across multiple
parameters including endpoints of pain, urgency, frequency and
bloating in both males and females. A therapeutic benefit was
observed within the first month of treatment and was sustained
for the three month duration of the trial. Asimadoline appeared
to be well tolerated with no adverse events occurring in a
dose-dependent manner throughout the randomized, double-blind,
placebo-controlled, dose-ranging clinical trial.
About Tioga
Tioga Pharmaceuticals, Inc. is a pharmaceutical company
headquartered in San Diego, CA focused on developing novel
treatments for gastrointestinal diseases. For more information,
please visit
www.tiogapharma.com.
Contact
David Urso
Tioga Pharmaceuticals, Inc.
Chief Operating Officer and General Counsel
Phone: 858-964-5021
Email: urso @tiogapharma.com
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