Inventiva, a French biotech company, has successfully raised nearly €348 million to fully fund its Phase III clinical trial evaluating lanifibranor for the treatment of Metabolic dysfunction-associated steatohepatitis (MASH), formerly known as NASH. This substantial financial injection aims to support the long-term trial involving over 1,100 patients, with topline results anticipated in the second half of 2026.
Financial Structure and Investor Confidence
The financing is structured in several tranches. Inventiva will receive an immediate €94.1 million through new share issues. Further capital increases of €21 million and €116 million are contingent upon the trial's progress and adherence to the planned timeline. An additional €116 million may be available depending on the success of the Phase III trial. The financing round was led by New Enterprise Associates, BVF Partners LP, and Samsara BioCapital, with participation from existing and new investors, including Andera Partners, Deep Track Capital, Eventide Asset Management, Great Point Partner, and Invus.
Collaboration with CCTQ
Inventiva has also revised its agreement with CCTQ (Chia Tai-Tianqing Pharmaceutical), a subsidiary of Sino Biopharm, with whom a marketing agreement for the Chinese market was established in 2022. CCTQ may invest an additional $10 million per tranche raised by Inventiva, potentially totaling $30 million, contingent on the advancement of Inventiva’s financing plan.
Changes in Board Composition
As part of the financing agreement, there are changes to Inventiva's board of directors. Mark Pruzanski has been appointed as president, and Srinivas Akkaraju as director. The four main investors will each have the opportunity to appoint additional directors.
Lanifibranor and MASH
Lanifibranor is a small molecule drug being developed by Inventiva to treat MASH, a metabolic disease characterized by excessive fat accumulation in the liver, which can lead to fibrosis and liver dysfunction. Currently, there are limited approved treatments for MASH, highlighting the unmet medical need and the potential impact of lanifibranor if the Phase III trial yields positive results.
