ReViral, an antiviral drug discovery and development company, focused on diseases caused by the Respiratory Syncytial Virus (RSV), today announced the successful completion of a US$55 million Series B financing.
The new funding will enable ReViral to progress its lead drug candidate (RV521), a highly potent and orally bioavailable potential treatment for RSV infections, into Phase IIa paediatric and adult trials, and to continue the development of a novel series of antiviral inhibitors targeting RSV replication. RV521 is soon expected to enter an international multicentre Phase IIa paediatric trial. This study will be followed by additional trials in adult stem cell transplant patients.
RSV is the most important respiratory pathogen, with 30 million infections and an estimated 200,000 deaths worldwide annually in children under five years alone. There are currently no approved RSV therapies available, and there is an urgent need for improved drugs for this indication.
The financing was jointly led by New Leaf Venture Partners and Novo Ventures, part of Novo Holdings A/S, with additional new investment from Perceptive Advisors. Existing investors Andera Partners, OrbiMed and Brace Pharma Capital also participated in the fundraise. In conjunction with the financing, representatives of New Leaf Ventures and Novo Ventures will be joining the ReViral Board of Directors.
Dr Ken Powell, Executive Chairman of ReViral’s Board, commented: “We are excited to welcome our new investors to the Company. This financing by top-tier funds is a validation of ReViral’s scientific approach to discovering and developing novel antiviral therapies for RSV, a significant unmet medical need. This milestone also demonstrates the significant progress made by the ReViral team since completing its Series A fundraise of US$21 million in September 2015.”
Isaac Manke, Partner at New Leaf Venture Partners, said: “The lack of treatment options available and the limited competition in RSV offer a significant market for innovative therapies. We believe ReViral has a truly superior product candidate, and the Company’s focus gives it the potential to build a franchise of RSV programmes, eventually expanding into all the diseases associated with infection by this virus.”
Nanna Luneborg, Partner at Novo Ventures, added: “We have been following the RSV field for some time and see ReViral as a leader in this space. We are delighted to offer our investment expertise, furthering the development of the Company as it moves into paediatric trials.”
MTS Securities, LLC acted as exclusive placement agent in connection with the offering.