Trevi Therapeutics announces USD10m Series A financing from TPG Biotech
Trevi Therapeutics has announced the closing of a USD10 million Series A financing to advance the clinical development of T111 in the lead indication of uremic pruritus.
The Series A investment was completed with TPG Biotech, the life science venture investment arm of TPG which had previously made a seed investment in the Company.
With the proceeds from the Series A investment, Trevi intends to advance T111, an oral extended release opioid with a unique agonist/antagonist mechanism of action, into clinical development for the treatment of uremic pruritus. Uremic pruritus is a persistent and debilitating itching in patients on dialysis that has been linked to increased mortality. Currently, there are nao approved drug therapies for the treatment of uremic pruritus in the US or Europe.
"I am very pleased to have TPG Biotech as a partner as we continue the development of T111 in this serious medical condition," says Jennifer Good, Trevi’s President and Chief Executive Officer. "Treatment of chronic skin itching is a significant unmet clinical need, and we believe that the unique dual mechanism of action of T111 could have broad applicability in the pruritus market. We plan to initiate an efficacy clinical trial in uremic pruritus patients in the first quarter of 2014."
Eran Nadav, PhD, Managing Director at TPG Biotech, says: "TPG is delighted to back the Trevi team. The potential of T111 to relieve pruritus is supported by solid scientific data, and we believe it represents an interesting market opportunity."
Trevi was founded in 2011 byGood and Thomas Sciascia, who, together, previously formed the executive management team at Penwest Pharmaceuticals. Prior to the Series A investment, Trevi received funding from angel investors as well as a seed investment from TPG Biotech to conduct pre-clinical testing, regulatory activities, initial clinical planning and the prosecution of the Company’s intellectual property. Joining Good on Trevi’s Board of Directors are Eran Nadav, PhD and Cayce Denton, from TPG Biotech. The company will be located in New Haven, CT.
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