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Pfizer make $25 million investment in PureTech's Vedanta Biosciences
StockMarketWire.com
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Pharmaceutical company Pfizer has invested £25 million in Vedanta Biosciences as part of a funding round that will advance its pipeline of defined bacterial consortia work.
Vedanta Biosciences, a clinical-stage microbiome company developing a new category of oral therapies using defined bacterial consortia manufactured from clonal cell banks, today announced the closing of a $68 million Series D financing and provided a pipeline update.
The Series D financing was led by affiliates of Magnetar Capital. Other participants in the financing were new and existing investors including Verition Fund Management, Fosun Health Capital, co-founder PureTech Health, Rock Springs Capital, Skyviews Life Science, JSR Corporation, SymBiosis LLC, Shumway Capital, Health for Life Capital and other institutional investors. The round also included a $25 million investment from Pfizer as part of the Pfizer Breakthrough Growth Initiative, which was announced in January 2021.
Vedanta plans to use the proceeds to advance its pipeline of defined bacterial consortia, including progressing VE303 into a Phase 3 clinical trial in patients at high risk for recurrent Clostridioides Difficile Infection (CDI), initiating a Phase 2 clinical trial of VE202 in mild to moderate ulcerative colitis, and continuing to advance programs in additional indications.
Vedanta Biosciences co-founder and CEO Bernat Olle said: We are delighted to welcome the new investors in our Series D round and are grateful to our existing shareholders and partners for their continued support. Since our last funding round, we have made significant progress advancing defined bacterial consortia as a new modality for infectious and immune-mediated diseases. This most recent financing, together with the support we receive from BARDA for our CDI program, will enable us to advance mid- and late-stage programs in CDI and Inflammatory Bowel Disease, as well as support early exploratory clinical studies in additional indications.
At 1:27pm: (LON:PRTC) Puretech Health PLC share price was 0p at 282p
Story provided by StockMarketWire.com
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