Pharvaris Secures $66 Million Series B Financing to Advance Oral Therapy for Hereditary Angioedema

On September 11, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that biopharmaceutical company Pharvaris announced the completion of a $66 million Series B financing round. The investors included Foresite Capital, Bain Capital Life Sciences, venBio Partners, and Venrock Partners, as well as existing investors Life Sciences Partners, Kurma Partners, and Idinvest Partners.

Pharvaris will use the proceeds from this financing round to accelerate the clinical development of PHA121, an oral therapy for hereditary angioedema (HAE). Upon closing of the round, Brett Zbar, Managing Director at Foresite Capital, and Dr. Richard Gaster, Head of venBio Partners, will join the Board of Directors of Pharvaris. Dr. Ricky Sun, Partner at Bain Capital Life Sciences, will join the Board as an observer.

Hereditary angioedema (HAE) is a rare, potentially life-threatening genetic disorder with an incidence ranging from 1 in 10,000 to 1 in 50,000. Patients with HAE are prone to edema in the hands, feet, face, gastrointestinal tract, and airways, leading to severe swelling and pain, airway obstruction, and nausea. Current treatments for HAE are limited by invasive routes of administration (injection or infusion) and adverse side effects.

Pharvaris, founded in 2015 and headquartered in the Netherlands, is a clinical-stage biopharmaceutical company. Leveraging novel small-molecule targeted technology, the company is developing oral bradykinin B2 receptor antagonists for the treatment of hereditary angioedema (HAE) and other bradykinin B2 receptor-mediated indications. Pharvaris brings together management professionals with extensive expertise in drug development and rare diseases, and is seeking new alternative therapies to replace injectable treatments for patients with all subtypes of HAE and other bradykinin B2 receptor-mediated indications.

Subjects in the first cohort of PHA121 have undergone a Phase I randomized, double-blind, placebo-controlled trial and a single ascending dose study to evaluate the safety and tolerability of PHA121 in healthy subjects. Multiple ascending dose studies are expected to commence in early 2020. Preclinical studies have demonstrated that PHA121 exhibits favorable oral bioavailability, selective antagonism of the B2 receptor, and potent and rapid activity in bradykinin-mediated disease models.

Berndt Modig, CEO and Co-founder of Pharvaris, stated: “We are deeply honored to receive the support of the investment group. This financing will position Pharvaris as a leader in the development of oral therapies for HAE. PHA121 is a new chemical entity with the same mechanism of action as icatibant, the leading therapy for hereditary angioedema. Icatibant offers a less invasive route of administration and a more convenient dosing regimen, accelerating the development of oral therapies and significantly improving the quality of life for patients with hereditary angioedema.”

Foresite Capital, founded in 2011 and headquartered in San Francisco, USA, is a venture capital firm. The company focuses on providing capital support to transformative healthcare companies at all stages.

Bain Capital Life Sciences, established in 2017 and headquartered in the United States, is a life sciences investment fund. The fund focuses on investing in companies at various stages across the biopharmaceutical, medical device, and diagnostics sectors.

venBio Partners, headquartered in San Francisco, USA, is a private equity firm focused on investing in the life sciences sector to support companies in developing novel therapeutic solutions.

Venrock Partners, founded in 1969 and headquartered in California, USA, is a venture capital firm. The company focuses on investing in startups in the healthcare sector.

Life Sciences Partners, headquartered in the Netherlands, is an independent European investment firm that primarily provides financing to private and public life sciences companies.

Kurma Partners, established in 2009 and headquartered in France, is a venture capital firm. The company specializes in financing within the healthcare and biotechnology sectors.

Idinvest Partners, founded in 1997 and headquartered in France, is a private equity firm. The company focuses on investing in mid-sized and young innovative companies.

(Compiled by Hu Yifan)