Date: 2016-03-24
Type of information: Series A financing round
Company: Iterum Therapeutics (Ireland)
Investors: Frazier Healthcare Partners (USA - WA) Canaan Partners (USA - CA) Sofinnova Ventures (USA - CA) New Leaf Venture Partners (USA - CA)
Amount: $40 million
Funding type: series A financing round
Planned used:
- Iterum Therapeutics is a newly formed pharmaceutical company focused on the development and commercialization of new therapies to address unmet medical needs. The company has licensed global rights to a novel anti-infective compound from a top-tier multinational pharmaceutical company.
- Iterum is led by a highly experienced team with more than 50 years of successfully developing products from clinical-stage through commercialization. Most recently, Iterum CEO Fishman and Chief Scientific Officer Dr. Michael Dunne were senior leaders of Durata Therapeutics, a start-up biopharmaceutical company that developed a novel antibiotic for which they obtained U.S. and European approval. Durata was sold to Actavis plc in late 2014.
Others:
- • On March 24, 2016, Iterum Therapeutics announced that it has secured a $40 million Series A financing, which will be used for the licensing and product development activities, from a syndicate of sophisticated life science investors. The round was led by Frazier Healthcare Partners and joined by Canaan Partners, Sofinnova Ventures and New Leaf Venture Partners.
- In conjunction with the Series A round, Iterum is adding four new board members from the venture firms. Joining Chairman Paul R. Edick, a founding partner at 3G Advisors, and Iterum CEO Corey Fishman on the board are Brent Ahrens, general partner at Canaan Partners; Dr. James Healy, general partner at Sofinnova Ventures; Patrick Heron, managing general partner at Frazier Healthcare Partners; and Ron Hunt, managing director at New Leaf Venture Partners.
Therapeutic area: Infectious diseases
Is general: Yes
