Healthcare Industry News: HSMN NewsFeed
News Release - April 30, 2018
Attenua Raises $35M in Series A Financing to Advance Therapy for Chronic Cough$35M Series A financing led by Omega Funds, with participation from Abingworth, OrbiMed and Redmile Group
Michael Kitt, MD, former Chief Medical Officer at Afferent Pharmaceuticals, joins as CEO
MOUNTAIN VIEW, Calif., April 30, 2018 -- (Healthcare Sales & Marketing Network) -- Attenua, Inc., a clinical-stage biopharmaceutical company focused on developing novel medicines to treat cough, today announced the completion of a $35 million Series A financing. The financing was led by Omega Funds with participation from a syndicate of leading international healthcare investors including Abingworth, OrbiMed and Redmile Group LLC.
Michael Kitt, MD, has joined Attenua as CEO with the financing. Dr. Kitt was previously Chief Medical Officer at Afferent Pharmaceuticals, Inc., where he successfully led clinical trials in cough leading to the company's $1.25 billion acquisition by Merck & Co., Inc in 2016.
The new capital will be used to further develop Attenua's lead drug candidate ATA-101, which targets a new mechanism for chronic cough, in Phase 2 clinical trials, as well as to progress the company's pipeline.
In conjunction with the financing, Michael Kitt, MD, CEO; Dina Chaya, Advisor to Omega Funds; Kurt von Emster, Managing Partner at Abingworth; and Rishi Gupta, Private Equity Partner at OrbiMed, will join Attenua's board of directors. They will join existing members Hugh Rienhoff, Chairman, and Jing Liang, PhD, Founder and Former CEO of Attenua.
"I was inspired to join Attenua at this pivotal moment because of the compound profile and potential of ATA-101 to have a significant impact on the treatment of cough. We anticipate launching a proof-of-concept clinical study for ATA-101 in chronic cough later this year," said Dr. Kitt, CEO of Attenua.
Dina Chaya, Advisor to Omega Funds, said: "We saw a unique opportunity with Attenua to lead this financing, and are looking forward to working with Michael and the Attenua team. Chronic cough remains a significant unmet need affecting more than 2.5 million people in the U.S. alone."
Jing Liang, PhD, founder of Attenua and Board member, added, "We are pleased with the strong support and recognition that we have achieved in this Series A financing and look forward to evaluating Attenua's lead candidate in the clinic."
About Chronic Cough
Cough is a symptom for which patients frequently seek medical attention. Cough can be classified as acute, lasting for up to three weeks, subacute, lasting from three to eight weeks or chronic, lasting for more than eight weeks. The prevalence of chronic cough is estimated to be over 10% of adults in the United States. While underlying etiologies may contribute to cough in some of these patients (such as gastro-intestinal reflux disease, asthma or chronic obstructive pulmonary disease), many patients are not well-controlled for their cough even with treatment for these underlying causes. No therapies are approved for the treatment of chronic cough.
Attenua is a clinical-stage biotechnology company developing novel medicines for the millions of patients who suffer from chronic respiratory disorders such as chronic cough. Cough is a medical problem for which no new drugs (NMEs/NCEs) have been approved in the U.S. since 1958. There is no approved medication for treating chronic cough. For further information please visit www.attenua.com
About Omega Funds
Founded in 2004, Omega Funds is a specialized global life sciences investment firm headquartered in Boston. Since its founding, the firm has raised over $700M. At its inception, the firm specialized in direct secondary transactions providing total or partial liquidity to investors unable to provide follow-on capital to their initial investments. Today, Omega is deploying Omega Fund V, a $300M fund investing directly in traditional financing rounds for public and private companies, across therapeutics and medical technology, while continuing to provide customized solutions for investors seeking partial or complete liquidity for their shareholdings. For further information, please visit: www.omegafunds.net.
Abingworth is an international investment group dedicated to collaborating with life sciences entrepreneurs to develop their ideas into products that have a dramatic impact on health. With over $1 billion under management, Abingworth invests at all stages of development, from start-ups to publicly traded companies, and across all life science sectors. Supporting its portfolio companies with a team of 27 at offices in London, Menlo Park (California) and Boston, Abingworth has invested in 146 life science companies, leading to 64 IPOs and 43 mergers and acquisitions. For more information, please visit: www.abingworth.com.
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with over $14 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies utilizing a range of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in San Francisco, Shanghai, Mumbai and Herzliya. OrbiMed seeks to be a capital provider of choice, with the flexibility to provide equity and debt capital solutions that are tailored to the unique needs of our portfolio companies. The firm's global team of over 80 professionals brings the resources and experience required to be an exceptional long-term partner in building world-class healthcare companies. www.OrbiMed.com.
About Redmile Group
Redmile Group, LLC is an investment firm with offices in San Francisco and New York that manages approximately $3 billion in global public and private healthcare investments.
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