Inventiva completes a capital increase of € 8.2 million subscribed by leading US and European biotech investors
September 19, 2019
Daix (France), September 19th, 2019 – Inventiva (Euronext: IVA), a clinical-stage biopharmaceutical company developing oral small molecule therapies for the treatment of diseases in the areas of fibrosis, lysosomal storage disorders and oncology, today announced the successful completion of a capital increase of €8.2 million subscribed by New Enterprise Associate (NEA), a leading US biotech investor and by BVF Partners L.P. and Novo Holdings A/S, two key current Inventiva shareholders. The capital increase was executed at the closing price of September 18, 2019 without any discount. In addition, Sofinnova Partners, current Inventiva shareholder and board member, through Sofinnova Crossover I Fund, a leading European venture capital firm specialized in Life Sciences, expressed an interest to acquire, as part of a future capital increase which may occur by the end of October 2019, up to additional 313,936 shares on similar terms, depending on the market conditions and in accordance with the corporate authorizations .
Frederic Cren, Inventiva’s Chairman and CEO, commented: “We are very pleased with the successful completion of this placement, which supports our positive momentum across our product portfolio and which will allow us to further progress with our clinical and preclinical programs. We are excited to welcome among our shareholders a new tier-one US biotech investor, New Enterprise Associate (NEA), who has a substantial track record and strong expertise in our industry. At the same time, we are delighted that BVF Partners L.P. and Novo Holdings A/S have renewed their trust in Inventiva. We thank them for their continued support. With this strengthened investor base in both the US and Europe, we now look forward to the clinical results of our two most advanced compounds, lanifibranor and odiparcil, which are expected in the first half of 2020 and by the end of this year respectively.”
Lanifibranor, its lead product, is an anti-fibrotic treatment acting on the three alpha, gamma and delta PPARs (peroxisome proliferator-activated receptors), which play key roles in controlling the fibrotic process. Its anti-fibrotic action targets two initial indications with substantial unmet medical need: NASH, a severe and increasingly prevalent liver disease already affecting over 30 million people in the United States, and systemic sclerosis, a disease with a very high mortality rate and for which there is no approved treatment to date.
Inventiva is also developing a second clinical program with odiparcil (IVA 336) for the treatment of patients with mucopolysaccaridosis type VI (or Maroteaux-Lamy syndrome), a rare and severe gene disease affecting children. Odiparcil has also the potential to address other MPS types, characterized by the accumulation of chondroitin or dermatan sulfate (MPS I or Hurler/Sheie syndrome, MPS II or Hunter syndrome, MPS IVa or Morquio syndrome and MPS VII or Sly syndrome). Inventiva is also developing a portfolio of early research projects in the field of oncology.
Inventiva benefits from partnerships with world-leading research entities such as the Institut Curie in the field of oncology. Two strategic partnerships have also been established with world-class major pharmaceutical companies AbbVie and Boehringer Ingelheim in the fields of autoimmune diseases (specifically in psoriasis) and fibrosis respectively. These partnerships provide milestone payments to Inventiva upon the achievement of pre-clinical, clinical, regulatory and commercial milestones, in addition to royalties on the products resulting from the partnerships.
Inventiva employs over 100 employees and owns R&D facilities near Dijon, acquired from the international pharmaceutical group Abbott. The Company owns, a proprietary chemical library of over 240,000 molecules as well as integrated biology, chemistry, ADME and pharmacology platforms.
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