Corvidia Therapeutics Inc. (Waltham, Mass.) raised $60 million in a series B round led by Venrock. Fellow new investors Andera (formerly Edmond de Rothschild Investment Partners), Cormorant Asset Management, HBM Healthcare Investments, Fresenius Medical Care Ventures and Venrock Healthcare Capital Partners (VHCP) participated, as did existing investors Apple Tree Partners, the MedImmune LLC unit of AstraZeneca plc (LSE:AZN; NYSE:AZN) and Sofinnova Partners.
The cardiovascular and cardio-renal company's lead candidate, COR-001, is in Phase II testing to treat dialysis-dependent advanced chronic kidney disease (CKD) in patients with an undisclosed genetic mutation that Corvidia's CEO Marc de Garidel said increases risk of inflammation. Corvidia plans to report Phase II data in 2H18, he said. The mAb is also in Phase I testing to treat CKD patients not on dialysis.
Corvidia's preclinical pipeline focuses on cardiovascular diseases. The company has raised a total of $86 million, de Garidel said.
Corvidia has exclusive rights to COR-001 in the Americas, Europe and majority of Asia-Pacific countries from AstraZeneca. At least two members of Corvidia's management team held positions at the pharma.
The biotech also announced new positions for four of its co-founders. EVP of Clinical and Strategic Development Rahul Kakkar became CMO and chief strategy officer; EVP of R&D Matt Devalaraja moved to EVP and head of R&D; EVP of Corporate and Business Development Ram Aiyar is now EVP and head of business development; and former CEO Michael Davidson is now CSO.
Corvidia hired de Garidel in March as CEO. He was chairman and CEO of Ipsen Group (Euronext:IPN; Pink:IPSEY).