Nutrinia Announces $30 Million Series D Financing to Fund Clinical Development of Lead Product
Proprietary Oral Formulation of Insulin to Treat Intestinal Malabsorption in Infants
Ramat-Gan, Israel and Morristown, NJ, August 18, 2016 – Nutrinia, Ltd. ("Nutrinia"), a company developing a proprietary oral formulation of insulin for intestinal malabsorption in preterm newborns and Short Bowel Syndrome (SBS) in infants, today announced the closing of a $30 million Series D financing to fund two pivotal trials for registration. TPG Biotech, the life science venture investment arm of leading global alternative asset firm TPG, led the investment, joined by H.I.G. BioHealth Partners and WuXi Healthcare Ventures, as well as existing investors including OrbiMed, Pontifax and others.
Nutrinia will use the proceeds to initiate two pivotal trials for registration in separate indications related to acceleration of gut maturation and adaptation: intestinal malabsorption in preterm newborns born between 26 and 32 weeks' gestational age, and infants with SBS who are under 12 months old.
"I' m happy to welcome TPG Biotech, H.I.G. BioHealth Partners and WuXi Healthcare Ventures into Nutrinia at this exciting time for the company," said Miki Olshansky, Nutrinia' s Chief Executive Officer. "We are beginning two trials in the US and Europe that will provide robust data as to the safety and efficacy of our proprietary oral formulation of insulin, and if successful, provide a direct path to registration. These are orphan indications that affect fragile populations with high levels of unmet medical need."
"The biological rationale for Nutrinia' s product is strong and the company' s preclinical data and outcomes of multiple previous clinical trials are compelling," said Eran Nadav, Ph.D., Partner and Managing Director at TPG Biotech. "We believe that neonatology, and specifically the NICU, are areas that deserve particular therapeutic development focus, and we are pleased to support Nutrinia' s efforts."
With this investment, Dr. Nadav will join Nutrinia' s Board of Directors, as will Aaron Davidson, Co-head and Managing Director of H.I.G. BioHealth Partners.
About Nutrinia, Ltd.
Nutrinia' s unique oral formulation of insulin is locally acting, and stable at room temperature, rapidly dissolving into saline, formula or breast milk, and designed for administration through the plastic tubing used in enteral feeding as well as simply orally. The Company has shown efficacy and safety in animal studies and multiple human clinical trials. Nutrinia is headquartered in Ramat-Gan, Israel, with its US operations based out of Morristown, NJ.
For additional information, visit www.nutrinia.com.