EIT Pharma, Inc. (“EIT Pharma” or the “Company”), a biotechnology company focused on developing therapies for infectious diseases, today announced the successful close of an oversubscribed $35 million Series A financing round. The round was led by Propel Bio Partners, with participation from Good Ventures, Arrowtown, and others.
The financing follows the U.S. Food and Drug Administration’s (FDA) acceptance of the New Drug Application (NDA) for lonafarnib for the treatment of chronic hepatitis D (CHD), a serious life-threatening liver disease caused by hepatitis D virus (HDV) in individuals who already have hepatitis B virus infection. Lonafarnib is an investigational first-in-class oral CHD therapy candidate with a unique mechanism of action. If approved, lonafarnib’s oral administration and room-temperature storage may offer practical advantages for people impacted by CHD and healthcare providers who consider quality of life, treatment burden, and accessibility when evaluating treatment options.
Proceeds from the funding will support continued FDA review activities related to lonafarnib, and future manufacturing and commercial readiness steps for lonafarnib, subject to regulatory approval. The funding will also assist with the advancement of EIT Pharma’s infectious disease pipeline and general corporate operations.
“This oversubscription of this round is a validation of EIT Pharma’s founding belief that advancing important medicines is about recognizing unrealized potential and assembling the scientific, clinical, regulatory, and commercial expertise to turn that potential into a treatment for patients,” said Dr. Leen Kawas, PhD, Chief Executive Officer of EIT Pharma. “This new capital allows us to continue advancing lonafarnib through the review process and, subject to FDA approval, prepare to bring it to patients.”
“EIT Pharma pairs a differentiated, late-stage asset with a team experienced in moving complex programs through development and regulatory review,” said Richard Kayne, General Partner of Propel Bio Partners. “We see meaningful value potential across EIT Pharma’s infectious disease pipeline, and we’re backing a management team with the scientific, clinical, and commercial discipline to realize it. We’re proud to support EIT Pharma at this pivotal stage as it works to bring important new therapies to underserved patient communities.”
