Eiger BioPharmaceuticals Raises $7.1 Million 'A' Round
Funding to advance novel Hepatitis C Virus (HCV) therapies against new targets
February 24, 2009
PALO ALTO, Calif./PRNewswire/ -- Eiger BioPharmaceuticals, Inc., a start-up biotechnology company developing antiviral therapies, announced that it has raised $7.1 million in a Series A financing co-led by InterWest Partners and Vivo Ventures. The two firms were instrumental in the formation of the company and recruitment of its team and are represented on the board of directors by general partners Nina Kjellson and Dr. Edgar Engleman, respectively. The funding will advance the company's lead program targeted against NS4B, a specific region in the hepatitis C virus (HCV) protein, as well as progress lead identification for other proprietary targets.
Eiger is led by President and Chief Executive Officer David Cory, RPh, MBA, whose background spans over 20 years in large pharma, biotechnology, and specialty pharma with an established track record of commercial success, financial transactions, business development, and management experience. "We believe that disrupting the normal function of NS4B and NS5A proteins will lead to uniquely effective hepatitis C treatments," said David Cory, President and CEO of Eiger. "Our mission is to advance these novel small molecules into the clinic rapidly for the benefit of patients."
Eiger was founded on research conducted by Stanford professor Jeffrey Glenn, MD, PhD, whose recent research focuses on specific regions of HCV proteins NS4B and NS5A required for viral replication. "The unmet medical need in HCV treatment is significant," said Dr. Glenn. "Developing small molecule drugs and drug combinations against new HCV targets could change the HCV treatment paradigm and combat the emergence of drug resistance to new HCV polymerase and protease inhibitors." Dr. Glenn is Associate Professor of Medicine, Gastroenterology & Hepatology, Stanford University and Director of the Center for Hepatitis and Liver Tissue Engineering; he will serve as a consultant, scientific advisor and director to the company.
About InterWest Partners
InterWest Partners (http://www.interwest.com), founded in 1979, is a leading diversified venture capital firm focused on building long-term relationships with entrepreneurs and portfolio companies. Currently investing its tenth fund, IW X, a $650 million fund, InterWest has more than $2 billion of capital raised since inception.
About Vivo Ventures
Vivo Ventures is a life-sciences focused venture capital firm formed in 1996 with over $650M under management. Vivo Ventures is currently making investments from its $275M sixth fund into promising biotechnology and life science companies. The Vivo portfolio includes more than 60 private and public biotechnology companies in the areas of biopharmaceuticals, specialty pharmaceuticals, and medical devices.
About Eiger BioPharmaceuticals, Inc.
Eiger is a biopharmaceutical company focused on the discovery and development of new antiviral agents against novel targets in the treatment of hepatitis. Eiger's pipeline includes preclinical NCEs from discovery as well repurposed clinical Rx agents shown to possess antiviral activity against Hepatitis C, Hepatitis D, and a wide array of other viruses. http://www.eigerbio.com
President and CEO, Eiger BioPharmaceuticals, Inc.