Pharvaris has sold a total of 6,951,340 ordinary shares in the company at a nominal value of 0.12 euros per share as part of a private placement to a group of institutional investors. The offering price came to 10.07 US dollars per share. In total, the pharmaceutical company founded in 2015 and based in Zug raised 70 million US dollars with this offering.
Alongside General Atlantic and venBio Partners, other investors involved in the financing round included Bain Capital Life Sciences, Foresite Capital and Venrock Healthcare Capital Partners. According to a company press release, the net proceeds from this offering are to be used to finance costs for research, development and product discovery processes, as well as for working capital and general corporate purposes.
Pharvaris is a clinical-stage company focused on the development and commercialization of novel oral bradykinin B2 receptor antagonists for the treatment of hereditary angioedema (HAE) and other indications based on the same antagonist. The Pharvaris team is targeting this therapeutic target with novel small molecules.
The two drug candidates are designed to offer an effective and convenient alternative to treat attacks, both in acute cases and prophylactically. HAE is a hereditary disease in which sudden, recurring swelling (angioedema) of the skin, mucous membranes or internal organs occurs, which under certain circumstances can even be life-threatening. ce/mm
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