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Friday, March 1, 2024

RTP-based Arrivo BioVentures raises $45.2 million

Biotechnology startup Arrivo BioVentures has raised $45.2 million from investors to help it develop two drugs — one to treat depression and another to treat severe pancreatitis.

Orlando Health Ventures led the funding with additional investment from Solas BioVentures Emerging Healthcare Fund, Rex Health Ventures and several private investors. The company has now raised $100 million since it was formed in 2016.

“The fact that we were able to raise this much money in this environment is a testament to our pipeline and our team,” says CEO Stephen Butts.

The bulk of the recent fundraising will go toward the depression drug. The study of the drug’s efficacy will include about 450 patients in multiple sites around the country and should produce data by the end of 2025.

The drug also has the potential to treat other illnesses such as Alzheimer’s and obesity, says Butts.

There is no treatment currently available for severe acute pancreatitis, which affects about 200,000 people a year, says Butts. The illness results in organ failure and long, costly hospital stays.

“We kind of have an opportunity with [the pancreatitis drug] to provide a treatment to patients who have no options and the potential to improve the cost of health care,” says Butts.

Arrivo BioVentures has six full-time employees and is based in Morrisville. Butts says the company farms out pharmacology, toxicology and regulatory work. He adds that the company will likely partner with another business to complete the research on the depression drug before applying for a new drug application with the U.S. Food and Drug Administration.

“It’s been interesting to have a little company with two products … that can really change the way medicine is practiced,” says Butts. “It is an exciting task, but a daunting task.”

 

Chris Roush
Chris Roush
Chris Roush is executive editor of Business North Carolina. He can be reached at croush@businessnc.com.

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