4 January 2019 - - US-based orphan drug accelerator Cydan has launched biopharmaceutical company Tiburio Therapeutics Inc, which is focused on developing treatments for rare neuroendocrine tumors and rare endocrine diseases, the company said.

Tiburio will advance two compounds licensed from Ipsen for the treatment of non-functioning pituitary adenoma (TBR-760) and for additional rare endocrine diseases (TBR-065).

As part of the launch, Tiburio raised a USD 31m series A financing that will fund the company's lead compound, TBR-760, through human proof-of-concept for the treatment of NFPA and further clinical assessment of TBR-065 as a treatment for rare endocrine diseases.

In conjunction with the Tiburio financing, Abraham N. Ceesay has been appointed chief executive officer of the company. Tiburio is the third orphan drug company launched by Cydan, an orphan drug accelerator dedicated to creating therapies to improve the lives of patients living with orphan diseases.

The development of NFPA, which is a non-metastatic tumor in the pituitary gland in the brain, can result in life-altering and potentially life-threatening consequences for patients. Currently there are no approved therapies to treat these tumors and patients must undergo transsphenoidal surgery and/or radiation to remove or shrink the tumor.

TBR-760 is a dopamine-somatostatin chimeric molecule that inhibits NFPA cell proliferation and has the potential to shrink or halt tumor growth. In prior clinical trials, TBR-760 has been shown to have a favorable safety profile.

Tiburio was granted an exclusive world-wide license to both TBR-760 and TBR-065. Ipsen will receive a minority ownership in the company as well as development and commercial milestone payments and royalties on sales.

Tiburio is responsible for all future development and commercialisation costs for both compounds.

Investment in the USD 31m series A came from Cydan's syndicate of life sciences investors, New Enterprise Associates, Longitude Capital, Lundbeckfonden Ventures, and Alexandria Venture Investments.