Presidio Pharmaceuticals, Inc. Raises $27 Million in Additional Financing
SAN FRANCISCO--(BUSINESS WIRE)--Presidio Pharmaceuticals Inc. announced today the closing of a financing round of $27 million bringing the total raised to $54.5 million.
New Leaf Venture Partners joined the current investor syndicate comprised of Panorama Capital, Baker Brothers Investments, Ventures West Capital, Bay City Capital, Nexus Medical Partners and Sagamore BioVentures, in participating in the financing. The funds raised will be used to advance Presidio’s HCV NS5A clinical candidate through clinical studies, and to support the development of other programs in the pipeline.
“I’m very pleased with the support we’ve received from our investors during the challenging financing environment for the biotechnology sector,” commented Omar Haffar, Presidio’s President and CEO. “I’m also very pleased that New Leaf Venture Partners decided to join the investor syndicate which underscores the significant progress the Company has made in building value for our investors over the three years since our founding.”
Dr. Srinivas Akkaraju, Managing Director with New Leaf Venture Partners, will represent NLV on Presidio’s Board of Directors. Dr. Akkaraju said, “We look forward to working with Presidio’s exceptional management team as they advance their highly potent NS5A inhibitors through clinical development. We believe this program has the potential to further the evolution of HCV treatment by both improving HCV cure rates and decreasing treatment burden.”
Representing the existing investors, Kenneth Galbraith, General Partner with Ventures West Capital and Chairman of the Board said, “With continued participation from all existing investors and the addition of NLV as a significant investor, we’re confident that Presidio is well-capitalized to pursue clinical development of a potential best-in-class approach to treating patients with chronic HCV infections.”
About NLV Partners
NLV Partners is a life science-dedicated venture capital firm with offices in Menlo Park and New York. Founded by an experienced team of venture capitalists with deep healthcare industry experience, NLV Partners invests primarily in companies focused on clinical-stage biopharmaceutical products, early-stage medical devices and molecular diagnostics. NLV Partners manages over $1.3 billion of assets, including NLV-I, NLV-II and the healthcare technology portfolio of Sprout Group. For further information, visit the NLV Partners website at www.nlvpartners.com.
About Presidio
Presidio Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the discovery, in-licensing, development and commercialization of novel therapeutics for viral infections, including HIV-1 and HCV. For more information, please visit our website at www.presidiopharma.com.
Contact:
Presidio Pharmaceuticals, Inc. Omar K. Haffar, Ph.D., 415-655-7561 President and Chief Executive Officer omar@presidiopharma.com