On October 17, 2022, Inversago Pharma Inc., a clinical-stage biotech company with a unique portfolio of peripherally acting CB1 inverse agonists, announced the completion of a Series C funding of $95 million CAD (approximately $70 million USD) led by New Enterprise Associates (NEA). Additional new investors Forbion’s Growth Opportunities Fund and Amgen Ventures joined current investors including Forbion’s Ventures Fund IV, Fonds de solidarité FTQ, Genesys Capital, AmorChem, JDRF T1D Fund, and adMare BioInnovations in the financing round. Wilson Sonsini Goodrich & Rosati advised NEA on the financing.

Proceeds from the Series C financing will be used to move Inversago’s lead program, INV-202, into a Phase 2 clinical trial in Diabetic Kidney Disease during Q4 2022. This follows the previously announced IND clearance from the FDA and the upcoming promising Phase 1b topline results in subjects with metabolic syndrome. Additionally, the funds will accelerate the company’s other key programs currently in pre-clinical development, while establishing its leadership in the field of CB1 blockers.

The Wilson Sonsini team that advised NEA on the financing included:

Corporate
Dan Koeppen
Meg Burton
Bridget Balisy

Tax
Derek Wallace
Han Shen

For more information, please see Inversago’s news release.