For the thousands of adults and children with growth hormone deficiencies, daily injections of replacement hormones are their best bet for preventing the cardiovascular, muscular and metabolic abnormalities associated with the condition.
But a few companies are on the hunt for ways to make those injections last longer so that they would require less frequent administration and result in fewer side effects. One of those companies is biotechnology firm Versartis Inc., which has just closed a $25 million series C, according to U.S. Securities and Exchange Commission filings and a company announcement.
Aisling Capital led the financing round, which also saw participation from existing investors Index Ventures, New Leaf Venture Partners and Advent Venture Partners’ Advent Life Sciences fund.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Versartis uses technology called XTEN to extend the half-life of proteins. It thinks compounds it develops using XTEN technology could provide more stable and convenient therapies with enhanced efficacy and fewer side effects.
Its lead product, VRS-317, applies XTEN to recombinant human growth hormone and is being developed to address growth hormone deficiencies in children and adults.
The financing will fund Versartis’ phase 1/2 study of VRS-317 in pediatric patients that’s being conducted at 30 sites across the U.S. A phase 1 study of the drug in adults found it to be safe and well tolerated in single doses.
CEO Jeffrey Cleland said in a statement he anticipated the drug would advance to phase 3 in 2014.
Drug treatments for human growth hormone deficiencies comprise a $4.7 billion market currently dominated by Novo Nordisk. The pipeline, however, includes candidates from Aileron Therapeutics, which just raised a $42 million series D, and Prolor Biotech.
Redwood City, California-based Versartis was founded in 2008 as a joint venture between Amunix Inc., which developed the XTEN peptide, and Index Ventures. It raised a $21 million series B in 2011 and an $11 million series A in 2009.
[Photo by Flickr user stevendepolo]
