A trio of venture capital investment groups has completed a new round of investment to raise its stake in Research Triangle Park-based Tranzyme Pharma to $20 million, bolstering a loan from the North Carolina Biotechnology Center to help further the firm's research efforts.
Tranzyme, which specializes in therapies gastrointestinal and metabolic diseases, announced it will use the financing to further clinical development of its lead drugs. The financing was led by existing investors H.I.G. Ventures, Thomas, McNerney & Partners, Quaker BioVentures and BDC Venture Capital.
"This round of financing reflects the continued support and confidence we are so fortunate to have from our investors," said Vipin Garg, Tranzyme's president and CEO who is also a member of the North Carolina Biotechnology Center board of directors.
The Biotechnology Center issued a $149,250 Small Business Research Loan to Tranzyme in June 2003 to help the young firm in its research program.