An Indian American-owned bio-pharmaceutical company, which is developing therapeutics for the treatment of gastrointestinal disorders, has raised $32 million, completing an oversubscribed round of private financing.
Vipin Garg, president and CEO, Tranzyme Pharma, said that the funds raised "in this round of financing will allow us to accelerate the clinical development of our lead compounds" and focus on additional discovery and pre-clinical development efforts to expand the pipeline.
"We are pleased that Tranzyme's progress has allowed us to attract an outstanding group of investors," he said in a press statement on May 13.
The financing was led by HIG Ventures, Thomas, M Nerney $ Partners and Quaker Bio-Ventures. As part of this financing $six million in previously issued notes have been converted in equity shares.
"The financing brings together an International group of investors committed to advancing the company's therapeutics through clinic," said David J Drutz, chairman of Tranzyme Pharma.
The company's lead product is expected to enter clinical trials end of this year.
HIG Ventures that made investment in the company said that Tranzyme's ability to discover and develop drugs combined with its experienced management team made this an attractive investment opportunity.
"This company is poised to achieve a tremendous success and HIG is excited to be involved," said Aaron Davidson, managing director of HIG.
