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Sep 25, 2006

NovaCardia Raises $48 M in Series B

  • NovaCardia closed a $48-million Series B financing. The capital will support clinical development of KW-3902 and other cardiovascular compounds in the company’s pipeline. KW-3902, currently in Phase III trials, is a small molecule adenosine A1 receptor antagonist in patients with congestive heart failure undergoing diuresis.

    The Series B financing was led by Skyline Ventures and joined by InterWest Partners. Previous investors Domain Associates, Forward Ventures, Montreux Equity Partners, and Versant Ventures also participated in the financing.

    As part of the financing, NovaCardia also added David G. Lowe, Ph.D., partner of Skyline Ventures, and Nina Kjellson, partner of InterWest Partners, to its board of directors.

    Data from two separate randomized, double-blind, placebo-controlled dose-ranging Phase II studies suggest that KW-3902 has significant diuretic activity over a six-hour period, may allow for preservation of kidney function in patients on diuretic therapy, and may enable earlier discontinuation of intravenous diuretic therapy. Findings also demonstrate that KW-3902 may prove beneficial in facilitating diuresis in patients’ refractory to standard diuretic therapy while simultaneously protecting kidney function.



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