Venture Capital News: Entasis Announces $50M Series B
WALTHAM, MA, Company focused on the discovery and development of breakthrough anti-infective products, today announced the completion of a $50 million Series B financing.
Entasis Therapeutics, a company focused on the discovery and development of breakthrough anti-infective products, today announced the completion of a $50 million Series B financing to advance its pipeline of clinical and preclinical products. The financing was led by Clarus and included Frazier Healthcare Partners, Novo A/S, and Eventide Funds, who joined founding investor AstraZeneca.
'The proceeds from this financing will enable us to further advance our portfolio of innovative anti-infective products directed at addressing the global health crisis created by the rise in antibiotic resistance in a fundamentally differentiated way.'
Concurrent with the financing, Entasis has expanded its Board of Directors to include Nicholas Galakatos, Ph.D., Co-founder and Managing Director of Clarus as Chairman; James Topper, M.D., Ph.D., Managing General Partner of Frazier Healthcare Partners; and Peter Tuxen Bisgaard, Senior Partner of Novo Ventures (US) Inc.
'We are pleased to have such a high-quality and experienced group of investors join us as we develop transformative therapies for patients suffering from serious and life-threatening infections,' said Manos Perros, Ph.D., President and Chief Executive Officer of Entasis. 'The proceeds from this financing will enable us to further advance our portfolio of innovative anti-infective products directed at addressing the global health crisis created by the rise in antibiotic resistance in a fundamentally differentiated way.'
Entasis' pipeline consists of first- and best-in-class clinical and preclinical-stage antibiotics for major Gram-negative infections, which target essential bacterial processes in a fundamentally novel way. These were discovered and are being developed using a unique, integrated discovery platform and strong clinical capabilities.
'Our investment reflects our excitement about the quality of the Entasis product pipeline and our confidence in the team,' said Dr. Galakatos. 'We look forward to advancing these promising candidates in order to treat serious, drug-resistant bacterial infections where existing and incrementally innovative approaches are failing.'
About Entasis Therapeutics Inc.
Entasis Therapeutics is developing a portfolio of innovative cures for serious drug-resistant bacterial infections, a global health crisis affecting the lives of millions of patients. Our deep pipeline of fundamentally innovative clinical and preclinical anti-infective programs is designed to revolutionize the way physicians treat serious bacterial diseases. www.entasistx.com
Clarus is a leading global investment firm dedicated to life sciences. Founded in 2005 by a team of accomplished investment and operating professionals, Clarus manages over $1.7 billion and has invested in more than 50 private and public companies in the biotechnology, medical device and diagnostic spaces. In every investment, Clarus employs a hands-on philosophy and adheres to investment principles that are founded on core competencies in drug development, complex partnership structuring and the ability to adapt to an ever-changing investment landscape. Clarus strives to generate outstanding returns for its investors by identifying and financing innovative medicines that improve people's lives. Clarus has offices in Cambridge, MA, and South San Francisco, CA. For more information, please visit www.clarusventures.com.
About Frazier Healthcare Partners
Founded in 1991, Frazier Healthcare Partners has been a leading U.S.-based healthcare-focused investment firm providing private growth capital to healthcare companies. The firm has more than $2.9 billion in committed capital under management and has made investments in more than 170 companies ranging from early-stage venture investments to growth buyouts of profitable lower middle market companies. Frazier's experienced team takes an active approach to helping build portfolio companies, leveraging their deep domain expertise and expansive network of healthcare executives, advisors and industry thought leaders. Frazier Life Sciences Fund and Frazier Healthcare Growth Buyout Fund are the two vehicles utilized to make investments in early stage life sciences companies and lower middle market profitable growth buyout companies, respectively. While these strategies target companies in distinctively different market segments and stages of development, both investment teams leverage the firm's rich 25-year history to identify and partner with exceptional management teams to develop category-leading companies. Frazier has offices in Seattle, Wash., and Menlo Park, Calif., and invests broadly across the United States, Canada and Europe. For more information about Frazier Healthcare Partners, visit the company's website at http://www.frazierhealthcare.com.
About Novo A/S
Novo A/S, a private limited liability company fully owned by the Novo Nordisk Foundation, is the holding company in the Novo Group, and responsible for managing the Foundation's assets, which are currently valued at more than $45 billion. Besides being the major shareholder in the Novo Group companies, Novo A/S provides seed and venture capital to development stage companies and takes significant ownership positions in well-established companies within life science, as well as manages a broad portfolio of financial assets. As an international investor they work out of Copenhagen, Boston, San Francisco and London. Their teams of scientific and commercial experts actively support their portfolio of projects and companies, and manage a range of financial investments.
Novo Ventures (US) Inc. is a separate legal entity that provides certain consultancy services to Novo A/S, mainly within the areas of identifying, analyzing and negotiating various investment opportunities among life science and biotech companies in the US as well as certain follow-up activities related thereto, such as board memberships, financial control and reporting efforts.
About Eventide Funds
Eventide Asset Management, LLC is a Boston-based Registered Investment Advisor and serves as the Advisor to Eventide Mutual Funds. Founded in 2008 with a vision to offer high performance values-based mutual funds to individuals, financial advisors, and institutions, Eventide has become a leader in faith- based and socially responsible investing. Eventide is the Advisor to the Eventide Gilead Fund, the Eventide Healthcare & Life Sciences Fund, and the Multi-Asset Income Fund. Eventide manages $1.9 billion in net assets.
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