On May 22, 2020, CalciMedica Inc. (CalciMedica), a clinical-stage biotechnology company targeting calcium release-activated calcium (CRAC) channels for the treatment of acute and severe inflammatory diseases, announced it has raised $15 million in a Series C financing round to support ongoing clinical trials in patients with COVID-19 pneumonia and commercial manufacturing of Auxora, the company’s lead drug candidate. The round was led by Valence Life Sciences, LLC with participation from new investors Bering Capital, Mesa Verde Venture Partners, and existing investor Sanderling Ventures. Wilson Sonsini Goodrich & Rosati represented CalciMedica in the transaction.

“The funds from this Series C financing will go towards advancing ongoing clinical trials evaluating our CRAC channel inhibitor, Auxora (formerly CM4620-IE), in patients with COVID-19 pneumonia requiring oxygen therapy and accelerating commercial manufacturing for the drug,” said Rachel Leheny, Ph.D., Chief Executive Officer of CalciMedica. “Based on ongoing studies in severe COVID-19 patients, we believe Auxora has the potential to prevent the progression of such patients to mechanical ventilation by acting directly on the lung endothelium and by blocking systemic inflammation.”

In April, Wilson Sonsini’s FDA regulatory team helped CalciMedica earn FDA approval to continue to study the use of Auxora in patients with severe COVID-19 pneumonia who are at risk for progression of acute respiratory distress syndrome. The team was also instrumental in getting FDA approval of the Investigational New Drug application.

The Wilson Sonsini team that represented CalciMedica in the transaction includes Marty Waters, Meg Burton, Aaron Hendelman, and Mike Hostetler.