US-based biopharmaceutical company Spring Bank Pharmaceuticals has closed a $10.5m Series A financing round from Brock Securities with Gilford Securities as a participator.
The firm is planning to invest the fund in its Phase I clinical development of SB 9200, a novel, orally available treatment for Hepatitis C virus (HCV) infection and to further the preclinical pipeline.
The company plans to conduct a Phase I safety and antiviral efficacy study of SB 9200 in healthy, HCV-infected patients beginning in the first quarter of 2013.
Spring Bank CEO and co-founder Douglas Jensen said the financing represents a major milestone for firm activities.
"As it will enable us to move SB 9200 through an important Phase I clinical study that will provide both safety and early antiviral activity data. SB 9200 is an entirely new agent for the treatment of chronic HCV infections and is based on our proprietary Small Molecule Nucleic Acid Hybrid (SMNH) technology platform," Jensen added.
"We thank our investors for their enthusiastic support and together we look forward to the initiation of our first clinical program and the advancement of our strong pipeline of additional SMNH programs for Hepatitis B virus (HBV), Respiratory Syncytial Virus (RSV), Broad Spectrum Antiviral and COPD."
