Adamas PharmaceuticalsMohr Davidow Ventures' key life science investments, has raised $40 million in a fourth round of funding to develop antiviral treatments for the flu virus. Based in Emeryville, Calif., the company also just signed a research agreement with the U.S. Navy to accelerate drug development in this area.
The funding is significant not only due to its size in a lean time for life science companies, but also because the flu has become one of the hottest areas in biotech research. Initially, Adamas focused on Parkinson's disease and dementia, in addition to infectious diseases, and its three lead drug candidates addressed each of these conditions. But the new financing will be used to push its antiviral flu therapy through late-stage clinical trials.
The company says that resulting medications will be targeted at areas where influenza is serious and often fatal, particularly where it begins to affect patients' neurological functioning. Its lead compound in this pipeline, called the TCAD therapy, fights several strains of influenza, including those that have proved resistant to other treatments, Adamas says. It's currently conducting phase-two trials for the drug in southern hemisphere regions where there is a pandemic of a particularly virulent strain. It says it will also be running a trial in North America during this year's upcoming flu season.
These studies will be expedited by funds from the U.S. Naval Health Research Center, which has long been battling influenza as a public health issue. The organization played a major role in identifying the new and dangerous A/H1N1 strain of influenza. Because it emerged relatively recently, the majority of the population hasn't developed antibodies to fend off the disease. It presents a particularly pressing health concern, having spread as far in six weeks as most flu viruses spread in six months, according to Adamas.
The recent funding round came from past backers Mohr Davidow Ventures and Northgate Capital, but was led by new investors Aeris Capital and DAG Ventures.