Labrys raises $31M, licenses Pfizer migraine compound

Newco Labrys Biologics Inc. (San Francisco Bay Area, Calif.) raised $31 million in a series A round led by venBio. Canaan Partners; InterWest Partners; and Sofinnova Ventures also participated. Additionally, Labrys acquired exclusive, worldwide rights to migraine compound RN-307 from Pfizer Inc. (NYSE:PFE), which the pharma gained through its 2006 acquisition of Rinat Neuroscience Corp. Labrys plans to start Phase II testing of the anti- calcitonin gene-related peptide (CGRP) mAb this year. Pfizer received an undisclosed upfront payment and is eligible for milestones, plus royalties. The pharma is also eligible for an undisclosed liquidity payment if Labrys is acquired. ...