Evolva raises $20.4 million, completes reverse merger

Evolva Holding S.A. (SIX:EVE) raised CHF21 million ($20.4 million) in a second close of a series B round and completed its previously announced merger with Arpida Ltd. The company (formerly Evolva S.A.) raised a total of CHF44 million in the round. New investor Entrepreneurs Fund joined existing investors Novartis Venture Funds; Dansk Innovation; Auriga Partners; Wellington Partners; BioMedInvest; Vinci; and Ventureast.

Evolva's lead compound is EV-077, an oral thromboxane receptor antagonist and thromboxane synthase inhibitor in Phase I testing for renal disease and arterial thrombosis. Phase II testing is expected to start for a yet to be determined indication in 2H10 (See BioCentury Extra, Friday, Sep. 11, 2009). ...