Labrys Biologics, a development stage biotechnology company focused on chronic migraines, has completed a $31 million Series A financing from four leading venture capital firms: venBio, Canaan Partners, InterWest Partners and Sofinnova Ventures. With the close of the financing, Labrys has acquired RN-307 from Pfizer Inc., a phase II ready anti-CGRP humanized monoclonal antibody for the treatment of chronic migraine. In addition, Steven P. James has been appointed president and CEO.

Under the terms of the agreement with Pfizer, Labrys acquired worldwide rights to RN-307. Pfizer received an upfront payment and will be eligible to receive milestone payments, royalties on any sales and a liquidity payment if Labrys is acquired. Additional details were not disclosed.

RN-307 is a monoclonal antibody that binds to calcitonin gene-related peptide (CGRP), a validated target in migraines. RN-307 has successfully completed phase I trials in more than 74 patients, and Labrys expects to initiate phase II clinical trials in 2013. RN-307 was originally discovered and developed by Rinat Pharmaceuticals, which was acquired by Pfizer in 2006.

"RN-307 is an ideal candidate for a prophylactic drug for chronic migraine that is capable of reducing both frequency and severity of migraines without debilitating side effects," said Corey Goodman , Ph.D., chairman and founder of Labrys, and a managing director at venBio, which led the financing. "There is significant interest in new treatments that can improve upon the limited efficacy of current pharmaceuticals."

Steve James , who has been named president and CEO of Labrys, has over 20 years of pharma and biotech experience most recently as CEO of KAI Pharmaceuticals which was acquired in 2012 by Amgen.

"Labrys is off to a terrific start with a promising drug candidate and a strong financial position," said James. "We have a defined regulatory path in chronic migraine, a broad market opportunity with significant demand for better treatments, and a top syndicate of venture investors that will bring tremendous strategic value to the company."

Joining Steve James, Corey Goodman and Wende Hutton on Labrys’ board of directors are Nina Kjellson of InterWest Partners and Mike Powell of Sofinnova Ventures.