Healthcare Industry News: HSMN NewsFeed
News Release - January 5, 2023
HighTide Therapeutics Raises $107 Million in Series C/C+ Financing to Advance Innovative Pipeline and Business CollaborationsGlobal biopharmaceutical company focusing on metabolic and digestive diseases
Proceeds to fund clinical and business development
ROCKVILLE, Md. and SHENZHEN, China, Jan. 5, 2023 -- (Healthcare Sales & Marketing Network) -- HighTide Therapeutics Inc. ("HighTide"), a globally integrated clinical-stage biopharmaceutical company developing novel multifunctional therapies for metabolic and digestive diseases, today announced the closing of a $107 million Series C/C+ financing led by the TCM Healthcare Fund of Guangdong, managed by China Development Bank Capital. Other investors included Yuexiu Fund and Yuthai Fund.
Proceeds of the financing will be used to advance multiple global development programs, including mid- to late-stage clinical trials, and the commercialization and business development of the company's robust pipeline. HighTide's lead candidate HTD1801, is a novel multifunctional molecule, being developed for the treatment of patients suffering from complex metabolic and digestive diseases.
HighTide has successfully completed multiple clinical trials of HTD1801 and continues to advance its global development programs as follows:
- A Phase 2 clinical study in type 2 diabetes (T2DM) is near completion;
- A Phase 2b clinical study in nonalcoholic steatohepatitis (NASH) has been initiated; and
- A successful End-of-Phase 2 (EOP2) meeting was held with the U.S. Food and Drug Administration (FDA) based on the positive findings from the Phase 2 clinical study in primary sclerosing cholangitis (PSC).
About HighTide Therapeutics
HighTide is a globally integrated clinical-stage biopharmaceutical company focusing on the discovery and development of novel multifunctional therapies for metabolic and digestive diseases with significant unmet medical needs. The company's lead drug candidate, HTD1801, is a first-in-class new molecular entity, currently in clinical development for the treatment of type 2 diabetes (T2DM), nonalcoholic steatohepatitis (NASH), severe hypertriglyceridemia (SHTG), and primary sclerosing cholangitis (PSC). The U.S. Food and Drug Administration (FDA) granted Fast Track designation to HTD1801 for both NASH and PSC, as well as Orphan Drug designation for PSC. In China, HTD1801 has been included in the National Major New Drug Innovation Program. For more information, please visit www.hightidetx.com.
Source: HighTide Therapeutics
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