On August 10, 2009, Enobia Pharma Inc. announced that it raised US$50 million from its current investors in a Series C financing. The proceeds will be used primarily to fund the ongoing development program for ENB-0040, Enobia's enzyme replacement therapy for hypophosphatasia, a rare and potentially deadly genetic bone disorder for which there is no currently approved therapy. In addition, a portion of the proceeds will be used to fund an unspecified development program.
Participants in the financing included OrbiMed Advisors LLC of New York, CTI Life Sciences Fund of Montreal, the Fonds de Solidarite FTQ, Desjardins Venture Capital and Lothian Partners. All previously participated in the C$40.1 million Series B financing in August 2007.
Enobia, headquartered in Montreal, develops therapies to treat serious genetic bone disorders for which there are no approved treatments. ENB-0040 for the treatment of hypophosphatasia is Enobia’s lead program.
Further information is found on Enobia's website.