Omthera Raises $33.9 Million to Fund Phase III Development
Omthera Pharmaceuticals, Inc., a privately held emerging specialty pharmaceuticals company, recently announced it has raised $33.9 million in a Series B funding round, led by new investor, New Enterprise Associates (NEA), one of the world’s leading venture capital firms. Existing investor, Sofinnova Partners, also participated in the financing. The capital raised will be used to fund the Phase III clinical development of Omthera’s novel Omega-3 fatty acid compound, Epanova, and for general corporate purposes. With this latest round, Omthera has raised approximately $40.4 million in venture capital since commencement of operations in 2009.
In a separate press release, Omthera also announced the company has initiated its pivotal Phase III EVOLVE (EpanoVa fOr Lowering Very high triglyceridEs) trial for Epanova, for the treatment of patients with very high triglycerides (greater than or equal to 500 mg/dL). In January 2011, the company announced data from its ECLIPSE (Epanova Compared to Lovaza In a Pharmacokinetic Single-dose Evaluation) trial, designed to evaluate the bioavailability of Epanova in comparison to Lovaza, the leading prescription Omega-3. Data from the trial showed that the bioavailability of Epanova was significantly superior to Lovaza.
“Omthera continues to generate very positive data, indicating Epanova has the potential to become the best-in-class therapy in the nearly $2 billion worldwide Rx Omega-3 market and an important treatment for the millions of patients suffering from high triglycerides,” said Jerry Wisler, President, Chief Executive Officer, and Co-Founder of Omthera. “As such, we are delighted to gain the support of a venture capital firm of the stature of NEA to lead this substantial new funding.”
New Enterprise Associates, Inc. is a leading venture capital and growth equity firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors, and geographies. With approximately $11 billion in committed capital, NEA invests in information technology, healthcare, and energy technology companies at all stages in a company’s lifecycle, from seed stage through IPO.
Founded in 2008, Omthera Pharmaceuticals, Inc. is a privatelyheld, emerging specialty pharmaceuticals company focusing its efforts on the clinical development of new therapies for dyslipidemia. Led by a team of experts with exceptional experience in developing new therapies for lipid disorders, Omthera is dedicated to developing innovative therapies for the millions of patients who have elevated triglyceride levels and increased risk of cardiovascular disease.
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