CiVi Biopharma of Bryn Mawr raised $49 million in a private stock sale. The equity financing completed by CiVi Biopharma, which is developing new treatments for heart and liver diseases, was disclosed in documents filed by the Securities and Exchange Commission. Company officials were not available for comment.
CiVi Biopharma’s lead new drug candidate, CiVi007, is a long-acting inhibitor of PCSK9 – a protein in the liver that if blocked can reduce the amount of harmful LDL cholesterol circulating in the bloodstream. The experimental drug is being developed as a treatment of hypercholesterolemia, the medical term for having a high blood cholesterol level, and for the prevention of cardiovascular disease, writes John George in the Philadelphia Business Journal.
In January, CiVi Biopharma announced Shalom “Shal” Jacobovitz had been hired to serve as the company’s CEO effective Feb. 2, 2018.
Jacobovitz, previously spent nearly five years as chief executive officer of the American College of Cardiology, a 52,000-member non-profit medical society. Prior to that, he was president of Actelion Pharmaceuticals Ltd., a biopharmaceutical company focused on developing treatments for pulmonary arterial hypertension, Actelion was acquired by Johnson & Johnson in 2017 for $30 billion. CiVi Biopharma was founded in late 2016 by former Hoffmann-La Roche Ltd executive Henrik Ørum.
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