Pharvaris has closed its oversubscribed 80 million USD Series C financing bringing its total venture funding to over 160 million USD to date.
“Our team is committed to developing and delivering differentiated products to patients – the oversubscription of our Series C highlights broad enthusiasm for our vision for HAE and beyond,” said Berndt Modig, CEO and co-founder of Pharvaris. “The backing from a prominent group of investors will enable us to develop our pipeline of compounds for the treatment of HAE and other bradykinin-B2-receptor-mediated indications. We expect to complete our Phase 1 assessments in healthy volunteers at the end of the year and anticipate announcing top-line data in 2021.”
The proceeds from the Series C financing will fund the clinical advancement of Pharvaris’ pipeline of novel oral bradykinin-B2-receptor antagonists for the treatment of HAE, including both on-demand treatment and prophylactic prevention. Pharvaris’ first product candidate, PHVS416 (PHA121 in soft capsules), is a potent, orally available bradykinin B2-receptor antagonist designed to block the effects of bradykinin during HAE attacks. Initiation of RAPIDe-1, a multi-center Phase 2 placebo-controlled on-demand study of PHVS416 in HAE patients, is expected in 2021. Pharvaris is also developing an orally available extended-release product containing PHA121 specifically for prophylaxis in HAE patients.