ReAlta Life Sciences Inc. (“ReAlta” or the “Company”), a clinical-stage biopharmaceutical company focused on safely targeting neutrophils and central components of the complement system to potentially revolutionize the treatment of inflammatory disorders, today announced the closing of an oversubscribed $40 million financing. This brings the total capital raised to date to more than $150 million.
The Company will use the proceeds to advance pegtarazimod through key clinical and regulatory milestones as the first potential treatment for Hypoxic Ischemic Encephalopathy (HIE.) Upcoming milestones for this first-in-class program include completion of the Phase 2 STAR trial in HIE (currently underway at 13 sites across the United States), the study’s top-line data readout, and an End-of-Phase 2 meeting with the FDA.
Howard Berman, Ph.D., the Company’s Chief Executive Officer, said, “Every year, thousands of newborns suffer devastating brain injury from HIE with no approved drug therapy to offer them. Rarely in a career does one have the opportunity to work on a program with this level of both scientific rigor and human urgency. This financing reflects strong conviction in pegtarazimod’s potential to change that reality. By targeting both complement activation and neutrophil-driven inflammation, which are the upstream drivers of brain injury in HIE, pegtarazimod represents a fundamentally different and potentially transformative approach. We believe that we are well-positioned to deliver on the key milestones ahead.”
Kia Motesharei, Ph.D., ReAlta’s President and Chief Operating Officer, added, “This financing allows us to execute against key value-inflection points with a disciplined and focused strategy. We are committed to deploying this capital efficiently to generate meaningful clinical and strategic milestones. Our team is creating a new category of medicine for HIE patients where currently no drug therapeutic option is available. The financing enables us to accelerate our work toward realizing that vision. The goal here is not to provide incremental improvement, but to fundamentally change how doctors treat newborn babies who develop HIE.”
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