BioVascular closes nearly $11M funding round

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BioVascular, a company focused on developing therapies targeting platelet-mediated diseases, has secured $10.87 million in Series C financing.

The Series C funds will support the clinical development of its therapeutics targeting platelet-mediated diseases, saratin and BVI-007, the San Diego-based company said.

BB Biotech Ventures of Zurich, Switzerland, led the financing; previous investors Merck KGaA and Domain Associates also joined the round, BioVascular said. In connection with the financing, Martin Munchbach, PhD, partner of BB Biotech will join BioVascular's board of directors, according to BioVascular.

The company said that the funds raised through this financing will allow it to complete ongoing clinical trials of its two compounds, saratin and BVI-007. The company has raised a total of $18.87 million to date, BioVascular said.

BVI-007, a compound that acts to reduce platelet production without affecting platelet function, is being studied in a Phase Ib dose selection clinical trial. The company said all trials are expected to be completed in 2009.