Transave raises $35M in stock financing

Forbion Capital Partners has announced the closing of a series D financing round of its portfolio company, Transave, which is focused on developing innovative inhaled pharmaceuticals for the site-specific treatment of serious lung diseases. The firm said it has raised an aggregate of $35.0 million pursuant to its recently-completed preferred stock offering. Joining the company's board are Richard Kollender from Quaker BioVentures and Steve Kraus from Bessemer Venture Partners, the lead investors in the financing. Also participating were TVM Capital, Prospect Venture Partners, Fidelity Biosciences, Forbion Capital Partners and Easton Capital, all having previously taken a leading investment role in Transave.

"Proceeds from the financing will enable Transave to deliver Phase II proof-of-concept data for our lead clinical compound, Arikace (liposomal amikacin for inhalation). We are on track to have Arikace Phase II clinical data in cystic fibrosis patients that have Pseudomonas lung infections this year. In addition, Phase II bronchiectasis data will be available in the first half of 2009," said Tim Whitten, chief executive of Transave.