Trevi Therapaeutics, a US-based developer of treatments for skin disease, has secured $25m in series B financing in a round led by TPG Biotech, the life science venture fund owned by private equity firm TPG.
TPG Biotech, which Trevi said has funded it since inception, invested $15m at first close, having previously committed $12.8m in equity.
Trevi is working on treatments for two skin conditions, uremic pruritus and prurigo nodularis. It intends to use the funding to support crucial trials for its lead product, Nalbuphine, which will take place in the third quarter of 2014, with results expected to be published in the second half of 2015.
“We have been very pleased with the progress the Trevi team has made in rapidly advancing Nalbuphine ER for chronic pruritus,” said Eran Nadav, TPG Biotech’s managing director and the chairman of Trevi Therapeutics. “We will continue to support Trevi as it moves through this next important phase of development.”