1:24 PM
Apr 13, 2018
 |  BC Extra  |  Financial News

Inventiva raises €35.5M in private placement

Inventiva S.A. (Euronext:IVA) raised €35.5 million ($43.8 million) in a private placement through the sale of 5.6 million shares at €6.37. Investors included BVF Partners, Novo Holdings A/S and Sofinnova Crossover I fund. The price is a 19% discount to Inventiva's close of €7.90 on Thursday, before it proposed the offering after market hours.

Inventiva said the funding will provide the company with runway through mid-2020. The placement agents were Jefferies, Société Générale Corporate & Investment Banking and Gilbert Dupont.

Sofinnova Crossover I, which invested €10 million ($12.3 million) in the offering, will receive a board seat. Last week, Sofinnova Partners announced the fund's close at €275 million ($340.5 million) (see BioCentury, April 4).

Inventiva is conducting two Phase IIb trials of lanifibranor (IVA337). It expects data in early 2019 from a study to treat diffuse cutaneous systemic sclerosis, and in 2H19 from a trial to treat non-alcoholic steatohepatitis (NASH). Lanifibranor is a next-generation PPAR alpha, delta and gamma agonist.

The company also expects data in 1H19 from a Phase IIa study of odiparcil (IVA336) to treat mucopolysaccharidosis VI (MPS VI). The product is a glycosaminoglycan synthesis primer.

On Friday, Inventiva lost €0.60 to €7.30.

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