News


Iterum Secures $65 Million in Series B Financing

May 21, 2017

Funding to support the Phase 3 clinical development of oral penem antibiotic

DUBLIN, IRELAND, and CHICAGO – May 19, 2017 – Iterum Therapeutics Limited, an Irish clinical-stage pharmaceutical company focused on the development and commercialization of anti-infectives for patients with infectious diseases and other acute illnesses, today announced that it has closed an oversubscribed Series B investment round raising $65 million. The financing was led by new investor Arix Bioscience plc, and included Pivotal bioVenture Partners, Advent Life Sciences, Domain Associates and Bay City Capital. All of Iterum’s current investors (Frazier Healthcare Partners, Canaan Partners, Sofinnova Ventures and New Leaf Venture Partners) also participated in the round.

Iterum is developing sulopenem, a novel oral and intravenous antibiotic, for the treatment of Gram- negative multi-drug resistant infections. The proceeds of this financing will be used for production of clinical supplies and registration batches, expanding the chemistry, manufacturing and control and development organizations and execution of the uncomplicated urinary tract infections Phase 3 pivotal program. The estimated timeline for filing an New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) is year-end 2019, with Phase 3 pivotal trials expected to begin in the first half of 2018.

Sulopenem has demonstrated broad-spectrum in vitro activity against extended spectrum β-lactamase producing and quinolone-resistant Gram-negative pathogens that are increasingly prevalent in both the inpatient and outpatient settings. These resistant pathogens are common causative agents of the initial target indications for sulopenem, including uncomplicated urinary tract infections, complicated urinary tract infections and complicated intra-abdominal infections (uUTI, cUTI and cIAI).

“The closing of this round, which was highly competitive and substantially oversubscribed, is an important milestone for Iterum,” said Corey Fishman, CEO of Iterum. “This success reflects the significant achievements we have made to date in the development of sulopenem. We are excited to welcome such high quality Series B investors into the existing blue-chip syndicate. With more than 25 million infections annually in the U.S. in our initial indications, and effective treatment options becoming more and more limited due to increasing resistance, we believe that sulopenem has the potential to play an important role in treating these infections.”

As part of the financing, Mark Chin of Arix Bioscience, Tracy Saxton of Pivotal bioVenture Partners and Shahzad Malik of Advent Life Sciences will join Iterum’s Board of Directors.

“Arix is delighted to lead Iterum’s financing of its novel, oral penem that has the potential to significantly improve the treatment paradigm for patients with multidrug resistant Gram-negative infections,” said Chin, investment manager at Arix Bioscience. “Since Iterum was founded in late 2015, it has made tremendous progress in the development of sulopenem, and we are excited to provide capital to fund the Phase 3 development of this novel product.”

About Iterum Therapeutics Limited

Iterum Therapeutics Limited is an Irish clinical-stage pharmaceutical company dedicated to developing differentiated anti-infectives aimed at combatting the global crisis of multi-drug resistant pathogens to significantly improve the lives of people affected by serious and life-threatening diseases around the world. Iterum is advancing its first compound, sulopenem, a novel penem anti-infective compound with oral and IV formulations in an IV only class of antibiotics that has demonstrated potent in vitro activity against a wide variety of gram-negative, gram-positive and anaerobic bacteria resistant to other antibiotics. Iterum has received QIDP designations for its oral and IV formulations for the treatment of uUTI, cUTI and cIAI. Iterum is led by a highly experienced team and backed by a blue-chip venture capital syndicate. For more information, please visit www.iterumtx.com.

AboutArix Bioscience plc

Arix Bioscience plc is a global healthcare and life science company supporting medical innovation. Headquartered in London and with an office in New York, Arix Bioscience sources, finances and builds world class healthcare and life science businesses addressing medical innovation at all stages of development. Operations are supported by privileged access to breakthrough academic science and strategic relationships with leading research accelerators and global pharmaceutical companies.

Arix Bioscience plc is listed on the Main Market of the London Stock Exchange. For further information, please visit www.arixbioscience.com.

About Pivotal bioVenture Partners

Pivotal bioVenture Partners is a newly launched, San Francisco-based venture capital firm. Pivotal’s investment strategy is centered on identifying companies developing differentiated science from discovery to early clinical development with the potential to deliver transformative therapies. For more information, please visit www.pivotalbiovp.com.

About Advent Life Sciences

Advent Life Sciences founds and invests in early- and mid-stage life sciences companies that have a first- or best-in-class approach to unmet medical needs. The investing team consists of experienced professionals, each with extensive scientific, medical and operational experience, a long-standing record of entrepreneurial and investment success in the U.S. and Europe, and is particularly focused on supporting entrepreneurs and founders to take innovative new medical entities from concept to approval. The firm invests in a range of sectors within life sciences, principally drug discovery, enabling technologies and med tech, always with an emphasis on innovative, paradigm-changing approaches. Advent Life Sciences has a presence in the U.K., U.S. and France. For more information, please visit www.AdventLS.com.

About Domain Associates

Founded in 1985, Domain was one of the first venture capital firms to exclusively invest in the life sciences sector. Today, with more than $2.7 billion in capital raised, Domain has been a trusted partner in life sciences investing helping more than 260 companies develop novel medical products to advance human health. www.domainvc.com.

About Bay City Capital

Founded in 1997, Bay City Capital LLC is a life sciences venture capital firm with a global diversified strategy ranging from seed stage to public companies, and including innovation, restructuring opportunities, and growth investing. For more information, please visit www.baycitycapital.com.

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Media Contact:
Theresa Maloney
Cogenta Communications
415-225-5261
theresa@cogentacom.com

SutroVax Announces Closing of $64M via Series B Financing

Mar 21, 2017
  • Announces achievement of pre-clinical proof-of-concept with lead program: Potential best-in-class pneumococcal conjugate vaccine
  • Advancing lead into IND-enabling development to obtain clinical proof-of-concept  

Foster City, CA, March 21, 2017 – SutroVax, a biopharmaceutical company dedicated to the delivery of best-in-class conjugate vaccines and novel complex antigen-based vaccines to prevent serious infectious diseases, today announced the closing of a $60 million Series B financing. The financing was led by new investors Frazier Healthcare Partners and Pivotal bioVenture Partners, and included participation from all existing investors: Abingworth, Longitude Capital, Roche Venture Fund and CTI Life Sciences Fund. In addition to Series B funds raised, the Company’s existing investors are investing an additional $4 million in SutroVax.

SutroVax will use the proceeds from this financing to advance its lead pneumococcal conjugate vaccine (PCV), which prevents invasive pneumococcal disease caused by Streptococcus pneumoniae, and accelerate the Company’s antigen discovery and early-stage development efforts in other disease areas. SutroVax’s broad-spectrum PCV is designed to provide expanded protection against circulating strains of pneumococcus and has the potential to replace the current vaccines used in infants and adults. SutroVax has generated pre-clinical proof-of-concept in head-to-head studies with its broad-spectrum PCV compared to current vaccines using well accepted immunological endpoints.

“The closing of this round, which was highly competitive and oversubscribed, is an important milestone for SutroVax and reflects the significant achievements we have made in developing a pneumococcal conjugate vaccine product candidate with the potential to disrupt a market with annual sales of over $7 billion,” said Grant Pickering, CEO of SutroVax. “This financing enables us to advance our lead PCV program into the clinic and expand our R&D, clinical development and manufacturing organizations.”

SutroVax conjugate vaccines are developed utilizing the Company’s exclusive rights to Sutro Biopharma’s Xpress CF Platform, a cell-free protein synthesis technology. The platform represents a major advancement over conventional conjugate vaccine production methods, by enabling precise and consistent conjugation of antigens to site-specific locations on a protein carrier that do not impede T-cell help resulting in higher-potency conjugates. SutroVax is utilizing these more potent conjugates to develop a broader-spectrum PCV product.

“Frazier Healthcare Partners has followed SutroVax’s progress since its founding and is delighted to make SutroVax its first vaccine investment,” stated Patrick Heron, Managing General Partner.

Tachi Yamada, M.D., Frazier Venture Partner, former President of the Bill & Melinda Gates Foundation Global Health Program and former head of GlaxoSmithKline and Takeda Pharmaceuticals R&D added, “SutroVax’s lead product candidate and technology platform has the potential to deliver the next generation of vaccines for major infectious diseases including pneumococcal disease.”

“We are pleased to make SutroVax the pioneer investment from Pivotal bioVenture Partners, our recently closed inaugural fund. I am delighted to join with the preeminent group of life sciences investors backing the company,” said Tracy Saxton, Ph.D., Managing Partner. “We are excited by the Company’s differentiated approach and ground-breaking progress in developing a potential best-in-class pneumococcal conjugate vaccine to provide coverage of circulating pathogenic strains outside of the current standard of care.”

As part of the financing, Patrick Heron and Tracy Saxton will join the SutroVax Board of Directors.

 

About Frazier Healthcare Partners

Founded in 1991, Frazier Healthcare Partners is a leading provider of growth and venture capital to healthcare companies. With nearly $3.0 billion total capital raised, Frazier has invested in over 170 companies, with investment types ranging from company creation and venture capital to buyouts of profitable lower-middle market companies. The firm’s Growth Buyout team invests in healthcare and pharmaceutical services, medical products and related sectors. The Life Sciences team invests in therapeutics and related areas that are addressing unmet medical needs through innovation. Frazier has offices in Seattle, WA and Menlo Park, CA, and invests broadly across the US, Canada, and Europe.

 

About Pivotal bioVenture Partners

Pivotal bioVenture Partners is a newly launched, San Francisco-based venture capital firm investing in early stage biotechnology companies. Pivotal closed a $300 million fund, and its investment strategy is centered on identifying companies developing differentiated science from discovery to early clinical development with the potential to deliver transformative therapies. The Pivotal team includes experienced life science investors and entrepreneurs with a track record of venture investing and scientific acumen.

 

About Pneumococcal Disease and the Pneumococcal Vaccine Market

Pneumococcal disease is an infection caused by Streptococcus pneumoniae. This infection can cause a wide range of serious illnesses including pneumonia, meningitis and bloodstream infection as well as ear and sinus infections. According to the Centers for Disease Control and Prevention (CDC), an estimated 900,000 Americans suffer from pneumococcal pneumonia each year and up to 400,000 hospitalizations occur in the US.  In addition, about 18,000 older adults die each year from pneumococcal disease in the U.S. The market-leading vaccine is a 13-valent PCV, Prevnar 13®, that has worldwide sales of approximately $6 billion annually yet does not protect against a significant number of circulating strains of pneumococcus causing invasive disease in adults and children. In the U.S., the CDC’s Advisory Committee on Immunization Practices (ACIP) recommends all children aged two months to five years and immunocompromised children aged six years and older be vaccinated with Prevnar 13®.  In addition, the ACIP recommends all adults aged 65 years and older and immunocompromised adults aged 19 years and older be vaccinated with Prevnar 13®and Pneumovax®, a 23-valent non-conjugate vaccine with over $600 million in annual sales.

About SutroVax

SutroVax is an independent vaccine platform and development company whose mission is to deliver best-in-class conjugate vaccines and novel complex antigen-based vaccines to prevent serious infectious diseases. The company is leveraging its exclusive license to Sutro Biopharma’s Xpress CF platform to perform cell-free protein synthesis and site-specific conjugation for the field of vaccines. For more information, visit www.sutrovax.com.

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Contact:
Julie Rathbun
Rathbun Communications
206-769-9219
julie@rathbuncomm.com