Principia Biopharma, a South San Francisco-based privately held biopharmaceutical company focused on advancing best-in-class medicines in immunology, autoimmune diseases, and oncology, has successfully met its milestone obligations and received its second tranche of funding totaling $12.5 million.
The investment was led by existing investors New Leaf Venture Partners, OrbiMed Advisors, Morgenthaler Ventures, SROne and Mission Bay Capital. In February 2011, Principia completed a tiered Series A round of financing totaling $36.3 million and received the first tranche of $12 million that same month. Proceeds from this most recent financing will be used to advance Principia's lead molecule towards the clinic and to develop additional programs enabled by the company's reversible covalent platform.
"We are pleased to complete the closing of our second tranche as it provides the necessary funding for Principia to advance our lead compound toward our first clinical trials in 2013,” said Martin Babler, CEO of Principia. “We appreciate the continued support from our current investors as we invest in important treatments for cancer and autoimmune disorders."