Iterum Therapeutics Ltd., Raised $40 Million in Series A For Licensure and Development of Anti-Infective Drug
Iterum Therapeutics Ltd., raised $40 million in Series A financing to be utilized for the licensing and product development activities from a group of blasé investors. Frazier Healthcare Partners initiated the round together with Sofinnova Ventures, New Leaf Venture Partners and Canaan Ventures.
Iterum Therapeutics Limited is a clinical-staged pharmaceutical firm based in Ireland and is committed to developing distinguished anti-infective drugs. The products will fight the worldwide concerns of multi-drug resistant (MDR) pathogens to importantly improve the lives of affected people by severe and life-dreaded diseases around the globe. The pharmaceutical startup's first product is a novel anti-infective substance that has proven potent in-vitro activity versus an extensive variety of gram-negative, gram-positive and anaerobic bacteria that resist other antibiotics, according to a PR Newswire report.
"We are very proud to have assembled a world-class investor group to support development of our first novel anti-infective compound," said Iterum CEO Corey Fishman. "Having successfully collaborated with each of the syndicate members in the past, we appreciate their confidence in our vision to once again build a company that can bring novel therapies to patients and physicians."
A highly experience d team with more than 50 years of prosperously developing products from clinical-stage through commercialization will engineer Iterum. Lately, Chief Scientific Officer Dr. Michael Dunne and Iterum CEO Fishman were Durata Therapeutics' were senior leaders. This startup biopharmaceutical company developed a novel antibiotic acquired with U.S. and European approval. In late 2014, Durata was acquired by Actavis Plc.
Durata started in 2012 and merged with Actavis Plc after obtaining U.S. regulatory approval for Dalliance which is an antibiotic for skin ailments. Investors are quite confident that Iterum being teamed by former Durata executive can repeat the same success with Iterum which was licensed an anti-infective from an unnamed drug company, The Wall Street Journal reported.
Iterum was incorporated in Ireland not only for tax reasons but also due to its settled manufacturing capabilities. Most of the anti-infective drugs are manufactured in Europe, so it just makes sense to have the operations abroad, reports the MedCity News.
Venture capitalists, along with Iterum backers find that corporations are willing to buy startups with reassuring antibiotics. Most companies are looking for cure for drug-resistant infections. Investors are positive that Iterum could provide anti-infective drugs that could overcome bacteria that are resistant to antibiotics.