Promentis raises $26M for glutamatergic drug R&D; CARB-X offers up to $48M for fighting drug-resistant bacteria
→ Milwaukee-based Promentis Pharmaceuticals has raised $26 million in a C round. OrbiMed, F-Prime Capital Partners (formerly Fidelity Biosciences) and Aisling Capital led the round. Existing investors, including Black Pearl GmbH, the Golden Angel Network and individual investors, also participated. The biotech is pushing SXC-2023 — a small molecule designed to engage System Xc-, a CNS target addressing glutamatergic dysfunction and oxidative stress — into Phase II. The biotech has raised a total of $31 million.
→ The Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator, or CARB-X, invested $24 million upfront and promised up to $24 million in milestones to help fuel work at 11 biotech companies and research teams in the US and UK on antibiotics and diagnostics needed to fight the growing threat of drug-resistant bacteria.
→ Robert H. Ring has been named CEO of Vencerx Therapeutics, a New York-based biotech which is working on neurodevelopment disorders like Fragile X. Ring was most recently the CSO at Autism Speaks. Before that he headed the autism unit at Pfizer.
→ China’s WuXi AppTec had filed for an IPO. Here’s the one and only release, but it’s in Chinese.
→ Calypso Biotech, which launched out of the ashes of the old Serono organization in Geneva, has out-licensed an anti-MMP-9 fully human monoclonal antibody to EA Pharma, with plans to study it in a collaboration for inflammatory bowel disorder. “This agreement highlights the strong potential for CALY-001, which possesses a unique mode of action through binding and inhibiting active MMP-9“ says Alain Vicari, CEO of Calypso Biotech. “By teaming with EA Pharma, a leader in gastrointestinal diseases with full value chain, we will fulfill our vision to bring new therapeutics to patients suffering from severe gastrointestinal diseases. Beyond IBD, CALY-001 represents a promising and advantageous therapeutic option for several oncology, inflammation and fibrosis indications”.