Zafgen Secures $45 Million in Series E Financing - Proceeds to Advance Development of Obesity Therapeutic Beloranib -
CAMBRIDGE, Mass., Dec. 4, 2013 /PRNewswire/ -- Zafgen, Inc., a leading biopharmaceutical company dedicated to addressing the unmet needs of severely obese patients, today announced it has secured $45 million in a Series E equity financing. New investors include RA Capital Management, Brookside Capital, Venrock, Alta Partners, an undisclosed blue chip investor, and a private investor. Proceeds from the financing will be used to support the continued development of beloranib, the Company's obesity therapeutic. Zafgen recently reported Phase 2 study results, which demonstrated that beloranib treatment led to significant weight loss and improvements in multiple cardiometabolic risk factors in 147 obese subjects.
"We are excited to add this group of new investors to our syndicate and to obtain continued investment from Alta Partners who led our Series D round last year, as we continue to advance our clinical testing for beloranib in severe obesity and related orphan indications," said Thomas Hughes, Ph.D., president and chief executive officer, Zafgen, Inc. "With their support, we look forward to building on our recent Phase 2 results and expanding the beloranib program to help patients who suffer from these serious diseases."
"Zafgen has continued to attract high quality investors to its syndicate in support of beloranib," said Peter Barrett of Atlas Venture and Chairman of the Board of Zafgen. "Zafgen's newest investors support some of the most innovative companies and their investment demonstrates confidence in beloranib as a unique pharmacotherapeutic with the potential to address the unmet needs of severely obese patients."
About Zafgen, Inc.
Zafgen is an innovative company dedicated to addressing the unmet need of severely obese patients and related orphan indications by bringing beloranib, a first-in-class novel medicine, to market. Founded in 2005 as a virtual company, Zafgen brings together leading experts in obesity and metabolic disease to address the underserved and growing population of patients who are severely obese. Zafgen's singular focus is on advancing novel therapeutics for patients suffering from severe obesity and obesity-related disorders. Zafgen holds exclusive worldwide rights (exclusive of Korea) for development and commercialization of beloranib. The company licensed beloranib from CKD Pharma in Korea. The company is located in Cambridge, MA. For more information, visit zafgen.com.
SOURCE Zafgen, Inc.