Tricida has raised $55 million in a Series C round of venture fundraising, bringing its total financing to $95 million for the clinical development of the company’s lead compound TRC101, for chronic kidney disease (CKD).
The Series C financing was led by new investor Longitude Capital, with participation by new investor Vivo Capital and existing investors OrbiMed, Sibling Capital Ventures, and Limulus Venture Partners.
“Establishing clinical proof of concept for TRC101 is ahead of schedule,” Gerrit Klaerner, Ph.D., Tricida’s CEO, said in a press release. “This rapid progress has allowed us to expand our already very strong syndicate of investors. We welcome Longitude and Vivo to the Tricida team.”
“I am pleased to support the development of a first-in-class clinical candidate. We see tremendous value in bringing a treatment to market that has the potential to be disease-modifying in CKD,” said Dr. David Hirsch, Ph.D., Longitude’s managing director.
The body accumulates and must balance a variety of electrolytes that result from metabolic and dietary processes. In CKD patients, the homeostasis (stable balance) of the electrolytes is disordered. CKD is often accompanied by life-threatening accumulation of electrolytes such as phosphate, potassium, sodium, and others. By preventing degradation and systemic uptake, the non-absorbed drug is designed to act in the gastrointestinal tract and clear the body through the digestive system. This non-absorbed feature leads to a potentially improved safety profile.
According to the news release, Tricida is on track to complete a first-in-human Phase 1/2 clinical trial of TRC101 in 100 patients with chronic kidney disease (CKD), and is planning to discuss safety and efficacy results from the study with the FDA later this year.
“In less than three years, Tricida has advanced from idea to clinical proof of concept in a very capital-efficient manner. The company’s anticipated development path and commercial positioning in pre-dialysis patients allow us to consider multiple options, including eventually launching TRC101 with our own sales force,” said Dr. Klaus Veitinger, Ph.D., Chairman of the Tricida Board and Venture Partner at OrbiMed.