Tranzyme Pharma, a startup drug development firm, has closed on $20 million in venture capital, the company announced Thursday.
On Tuesday, Tranzyme disclosed that it had launched a Phase IIb clinical trial of its proposed treatment for severe gastroparesis, a digestive disorder linked to diabetes.
“As of today, no efficient treatment for diabetic gastroparesis exists,” said Niels Ejskjaer, the principal investigator for the trial. He is a doctor at Aarhus University Hospital in Denmark.
The U.S. Food and Drug Administration granted the compound fast-track development status in July. TZP-101 is Tranzyme’s most advanced compound.
“This round of financing reflects the continued support and confidence we are so fortunate to have from our investors,” stated Vipin Garg, Tranzyme’s chief executive officer. "This capital will allow us to bring our first-in-class GI motility drug, TZP-101, into Phase III clinical studies for multiple indications.”
H.I.G. Ventures, Quaker BioVentures and Thomas, McNerney & Partners led the investment in Tranzyme, the News & Observer newspaper reported. All were previous investors in Tranzyme.