Ascendis Pharma announced the successful completion of a $60 million Series D financing.
The financing was co-led by U.S.-based Sofinnova Ventures, OrbiMed and Vivo Capital, and included Janus Capital Management LLC, Venrock, RA Capital Management, Rock Springs Capital and Sectoral Asset Management.
The company's largest existing shareholder, Paris-based Sofinnova Partners, also participated in the financing.
In conjunction with the financing, James Healy, M.D., Ph.D., of Sofinnova Ventures, Jonathan Silverstein, J.D., of OrbiMed, and Albert Cha, M.D., Ph.D., of Vivo Capital have joined the Ascendis Pharma board of directors.
The proceeds from the Series D financing are expected to be used to fund late-stage clinical trials of TransCon Growth Hormone for the treatment of growth hormone deficiency, or GHD, and in 2015, to initiate a Phase 1 proof-of-concept program of TransCon Treprostinil to treat pulmonary arterial hypertension. Proceeds are also expected to be used to support drug manufacturing, advance the development of preclinical drug candidates, and to enhance the Ascendis Pharma clinical development and research organizations.