New Enterprise Associates (NEA) led a $45m Series B round for biopharmaceutical company Lumena Pharmaceuticals, which is focused on developing products for rare cholestatic liver diseases and serious metabolic disorders.
New investors Adage Capital Management and RA Capital Management also participated in the round alongside existing backers Pappas Ventures, RiverVest Venture Partners and Alta Partners.
Lumena said it will use the funds to advance the clinical development of its lead product candidate LUM001 as well as LUM002.
LUM001 targets rare cholestatic liver disease in pediatric and adult patients, while LUM002 is a drug candidate for the treatment of nonalcoholic c.
EA partner Ed Mathers said, “We see a lot of promise in the therapeutic approach of inhibiting ASBT for the treatment of both rare cholestatic liver diseases as well as the increasingly common NASH.
“The Lumena management team has vast experience in orphan and pediatric clinical development, deep insights into the drug target and its role in disease mechanisms, and has successfully brought multiple drugs to market—in short, we believe the team has the critical experience needed to drive LUM001 and LUM002 efficiently through clinical and commercial development.”
Earlier this month NEA invested $37.5m of Series B capital in business process management software provider Appian.
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