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Sofinnova, InterWest among investors in $31m Labrys Series A round

4 Jan 2013

Chronic migraine treatment company Labrys Biologics has picked up $31m in Series A financing round from four venture capital firms.

Canaan Partners, venBio, InterWest Partners and Sofinnova Ventures took part in the financing, which has funded Labrys’ purchase of an anti-migraine antibody from pharmaceutical giant Pfizer.

Labrys acquired worldwide rights to RN-307 under the agreement, which will see Pfizer receive an upfront payment and milestone payments, royalties on sales, and a liquidity payment if Labrys is acquired.

Company founder and venBio managing director Corey Goodman said, “RN-307 is an ideal candidate for a prophylactic drug for chronic migraine that is capable of reducing both frequency and severity of migraine without debilitating side effects.

“There is significant interest in new treatments that can improve upon the limited efficacy of current pharmaceuticals.”

Chronic migraines, defined as fifteen or more headache days per month affects about two per cent of the US population, the company said.

InterWest’s Nina Kjellson and Soffinova’s Mike Powell will join the Labrys board of directors as part of the deal.

In April last year Alder BioPharmaceuticals, another anti-migraine treatment specialist, raised $38m in a Series D financing round led by new investor Novo Ventures.

The company said the capital would be used to support the development of the company’s anti-migraine treatment ALD403.

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