MORAGA, Calif., June 17, 2013 (GLOBE NEWSWIRE) -- Trigemina, Inc., a biopharmaceutical company focused on the discovery and development of non-narcotic, nasally delivered, analgesic drug products, announced the completion of a $4.5 million Series A-1 financing. The financing round was led by existing Chilean-based investor Aurus, through its Aurus Bios Fund, and is supplemented by a grant awarded by the government of Chile. Proceeds for the Series A-1 round will be used to fund the completion of the Phase II TRIG-05 clinical trial evaluating the Company's lead drug candidate, TI-001, an intranasal oxytocin therapy, for the treatment of chronic migraine.
CORFO is an agency of the Chilean government that provides entrepreneurs in Chile with grants and other resources to promote innovation, entrepreneurship and competitiveness. Conrad von Igel, Director of CORFO's Innovation Department, said, "Trigemina is a terrific example of the kind of company that CORFO seeks to encourage – a company that is developing innovative technology that has the potential to be very well received in a variety of markets. By supporting projects like these, we hope to put Chile on the global map for innovation and entrepreneurship."
"We are extremely pleased with the support shown by our investors and excited to be awarded this research grant from the Chilean government," said Charles Yeomans, Chief Executive Officer of Trigemina. "This financing illustrates the confidence in TI-001's potential to become a novel and safe non-opioid analgesic for the treatment of chronic and subacute head pain. These proceeds will help support clinical trials surrounding the drug as we further evaluate its promise for patients with debilitating migraines."
TI-001 is a state-dependent, nasal delivered formulation of oxytocin, a natural hormone produced by the body, which directly targets and binds to the oxytocin receptors located on the trigeminal neurons – specifically neurons that are expressing elevated levels of the receptors due to chronic and painful inflammation. TI-001 has shown, in preclinical and extensive human pilot studies, to be a safe and effective therapy for all forms of chronic and subacute head pain, with little to no side effects and no risk of developing addiction.
The TRIG-05 Phase 2 study is a placebo-controlled, double-blind, randomized-withdrawal and enrollment enriched trial of TI-001 in chronic migraine patients. A total of 96 patients will be enrolled in four trial sites in Chile and another trial site in Argentina to begin in June. The study's primary objective is demonstrating efficacy, tolerability and safety. Additional objectives will include determining the appropriate dose for a future Phase 3 trial and to explore baseline IL-6 plasma levels as a potential biomarker for efficacy response.
Trigemina is focused on the discovery and development of non-narcotic, nasally delivered, analgesic drug products. Trigemina's lead product candidate, TI-001, is a patented new application of oxytocin. TI-001 has shown promising results for use as a safe and effective therapy for all forms of chronic and subacute head pain.
The Ruth Group Aaron Estrada (media) (646) 536-7028 Trigemina Charles Yeomans (925) 377-0664