Imbria Pharmaceuticals Raises $57.5M Series B Financing Round and Appoints Alvin Shih, MD as CEO

– Led by new investor Deep Track Capital, with participation from AN Ventures, Catalio Capital Management, Cytokinetics, Inc. and existing investors RA Capital Management and SV Health Investors –

– Proceeds to support advancement of ninerafaxstat for the treatment of non-obstructive hypertrophic cardiomyopathy (nHCM), with initiation of Phase 2b clinical trial planned in Q2 2025 –

– Current Executive Chair, Alvin Shih, MD appointed as CEO; Rebecca Luse, Managing Director at Deep Track Capital, appointed to Board of Directors –

/EIN News/ -- BOSTON, April 10, 2025 (GLOBE NEWSWIRE) -- Imbria Pharmaceuticals, Inc., a clinical stage biotechnology company developing novel therapies for cardiometabolic diseases with high unmet need, today announced the successful closing of a $57.5 million Series B financing with a top-tier syndicate of life science investors led by new investor, Deep Track Capital. Additional new investors participating in the financing include AN Ventures, Catalio Capital Management and Cytokinetics, Inc. Existing investors RA Capital Management and SV Health Investors also contributed to the financing.

Proceeds from the financing will be used to advance ninerafaxstat through a Phase 2b randomized, double-blind, placebo-controlled, clinical trial in non-obstructive hypertrophic cardiomyopathy (nHCM), called FORTITUDE-HCM. The company plans to initiate FORTITUDE-HCM in Q2 2025, with topline data in late 2026. Ninerafaxstat has previously shown positive results in multiple Phase 2a clinical trials in both nHCM (the IMPROVE-HCM trial) and heart failure with preserved ejection fraction (HFpEF) (the IMPROVE-DiCE trial). The results of IMPROVE-HCM were presented during a late-breaking clinical trial session at the American College of Cardiology Annual Scientific Session & Expo (ACC.24) and simultaneously published in the Journal of the American College of Cardiology (JACC, May 2024), while the findings from IMPROVE-DiCE were recently presented at ACC.25.

The company also announced the appointment of its current Executive Chair, Alvin Shih, MD to the Chief Executive Officer role, plus the appointment of Rebecca Luse, Managing Director at Deep Track Capital, to its Board of Directors. Dr. Shih will continue to be a member of the company’s Board of Directors.

“It’s a privilege to step into the role of CEO at such a defining moment for Imbria. The closing of this funding round, the initiation of our Phase 2b nHCM trial, and the recent presentation of our HFpEF data at ACC.25 all point to an exciting future for ninerafaxstat,” said Dr. Shih. “Ninerafaxstat’s unique mechanism of action, coupled with a strong efficacy and safety profile that has now been demonstrated in multiple clinical trials, positions it as a potential first-in-class therapy for a broad spectrum of cardiometabolic diseases with high unmet need.”

“We eagerly look forward to the outcome of the FORTITUDE-HCM trial which we believe will confirm the efficacy of ninerafaxstat in improving quality of life and functional capacity of patients with nHCM, who currently have no approved therapeutic options,” said Rebecca Luse, Managing Director at Deep Track Capital. “We believe in the potential of ninerafaxstat to provide a novel and differentiated treatment for nHCM and other cardiometabolic diseases, and we are proud to support the Imbria team under Dr. Shih’s leadership at this pivotal juncture.”

Prior to joining Imbria, Dr. Shih was CEO and President of Catamaran Bio, a venture-backed company developing allogeneic cell therapies. He was also CEO of Disarm Therapeutics (acquired by Eli Lilly) and Enzyvant Therapeutics (acquired by Sumitomo). He previously held senior leadership roles at Retrophin and Pfizer, where he was the Chief Operating Officer of the Pfizer Rare Disease Research Unit. Dr. Shih began his career as a management consultant at McKinsey & Co. and LEK Consulting. He holds an MBA from the Kellogg School of Management, an MD from the University of Alabama, and completed his residency training in internal medicine at the Massachusetts General Hospital.

About ninerafaxstat
Ninerafaxstat is an innovative treatment for cardiac disorders characterized by an imbalance of energy supply and demand in the heart. To maintain normal contractile function, the heart requires substantial amounts of energy, which is produced primarily by the mitochondria in the form of adenosine triphosphate (ATP). The heart normally uses two main fuels for energy generation: fatty acids and glucose. Ninerafaxstat, a partial fatty acid oxidation (pFOX) inhibitor, acts to shift the heart's preference from fatty acids towards glucose. This shift in metabolism leads to more efficient mitochondrial energy generation with the potential for improved cardiac function both at rest and during exercise. Ninerafaxstat is a simple orally administered compound with no dose titration or monitoring required, no clinically significant drug-drug interactions and can be used on top of standard of care cardiovascular treatments.

About Imbria
Imbria is a privately held, clinical stage company developing novel therapies for patients with life-altering cardiometabolic disorders. Our clinical pipeline is focused on restoring or improving the cell’s ability to produce energy in cardiometabolic disorders where energetic impairment is a fundamental contributor to disease pathogenesis, symptoms and functional deficits. The lead product candidate, ninerafaxstat, has completed multiple Phase 2 clinical trials in three indications: non-obstructive hypertrophic cardiomyopathy (nHCM), stable angina, and heart failure with preserved ejection fraction (HFpEF). In Phase 1 and 2 clinical trials, ninerafaxstat was shown to be well tolerated. For additional information, please visit www.imbria.com.

Contact
Komal Joshi
Imbria Pharmaceuticals, Inc.
kjoshi@imbria.com