Seroba Kernel Announces €4.7m Financing into Provesica to Complete Phase 2 Trial for Overactive Bladder
Demerger and financing of Xention’s OAB program in Provesica
Dublin, Ireland, December 2010: Seroba Kernel Life Sciences announced today that, as a follow-on to its recent investment into Xention Ltd, along with Forbion Capital Partners – a further €4.7m has been invested into Provesica Ltd. Provesica is a newly-established clinical-stage company developing a novel therapeutic approach to Overactive Bladder (OAB). Provesica will use the proceeds from this financing to progress its OAB program through completion of a Phase 2 trial during 2011.
Provesica was established in November 2010 as part of the reorganisation of Xention, to enable the separation of Xention’s cardiac arrhythmia and OAB assets – two very different pharmaceutical business fields. Following this reorganisation, Xention will focus on the development of its atrial fibrillation programs and Provesica will focus on OAB.
Provesica’s lead product, XEN-D0501, recently completed Phase 1 clinical trials and was shown to be safe and well tolerated with a profile consistent with further development. XEN-D0501 is an antagonist of the TRPV1 receptor which is expressed both in the detrusor and the afferent nerve pathway. The compound has shown promising efficacy in pre-clinical models of overactive bladder.
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