CBAY - CymaBay receives $100M non-dilutive financing for late-stage trial of liver disease drug

CymaBay Therapeutics (NASDAQ:CBAY) announced a $100M non-dilutive financing from Abingworth aimed at the Phase 3 development of liver disease drug seladelpar. The funding will be earmarked for Phase 3 program of seladelpar in primary biliary cholangitis (PBC) including the Phase 3 RESPONSE clinical trial, the company said in a statement. “This transaction provides us with capital needed to complete Phase 3 development and an investor with a long track record of successfully funding innovative companies focused in life sciences,” CymaBay CEO Sujal Shah said. Per the terms, the company can receive $75M in three installments over six months with an option to obtain the remainder within nearly two months after completing the enrollment in RESPONSE trial. In return, Abingworth is entitled to fixed payments over a six-year period following the approval of seladelpar in the U.S. or EU, in addition to fixed and capped milestones based on U.S. sales. In July,

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CymaBay receives $100M non-dilutive financing for late-stage trial of liver disease drug