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Startup Sideris Pharmaceuticals Scores $32 Million, Could be Acquired by Novartis AG (NVS) for up to $300 Million
10/22/2013 6:43:58 AM
Sideris Pharmaceuticals Completes $32 Million Equity Financing and Signs Agreement With Global Pharmaceutical Company
BOSTON & GAINESVILLE, Fla.--(BUSINESS WIRE)--Sideris Pharmaceuticals, Inc., announced today that it has successfully completed a $32 million Series A equity financing. This investment was led by MPM Capital, including MPM’s SunStates Fund. Also participating in this financing were Hatteras Venture Partners and Osage University Partners. Alongside the equity financing, Sideris entered into an agreement with Novartis Pharmaceuticals whereby Novartis has been granted an exclusive right to acquire Sideris and its lead asset, the iron-chelating candidate SP-420. Including upfront, acquisition and milestone payments, the agreement with Novartis could reach up to $300 million.
Concurrent with the investment, Sideris announced the addition of Ansbert Gadicke, MD, and Kazumi Shiosaki, PhD, both Managing Directors of MPM Capital, and Doug Reed, MD, General Partner of Hatteras Venture Partners, to the Sideris Board of Directors.
"The novel iron chelator SP-420 articulates our best efforts in drug discovery and development for transfusional iron overload diseases. We are very enthusiastic that the Sideris team will be moving this forward and equally excited for the patients. I will always remain indebted to the National Institute of Diabetes and Digestive and Kidney Diseases, to the University of Florida, and to my coworkers for their tireless efforts over the years,” said Prof. Raymond Bergeron, Sideris founder and Distinguished Professor Emeritus, University of Florida.
"We believe that SP-420 has the potential to be the best-in-class therapeutic approach for the treatment of transfusion related iron overload," stated Thomas Neenan, PhD, Sideris founder and Chief Technology Officer.
The combination of the Novartis agreement and the closing of the Series A financing will allow Sideris to advance the SP-420 program through a large Phase 2 clinical study in transfusion related iron overload.
“Thanks to this investment, this drug candidate will have a faster path to clinical trials,” said David L. Day, University of Florida Office of Technology Licensing Director. “This is part of our mission to move UF inventors’ technologies into the market, where they improve patients’ quality of life and make the world a better place.”
SP-420 is an orally active small molecule that selectively binds iron and removes it from the body. In animal studies, SP-420 has shown excellent tissue penetration, highly efficient iron binding and a promising safety profile. SP-420 is covered by an issued patent that has been exclusively licensed to Sideris.
About Sideris Pharmaceuticals
Sideris Pharmaceuticals Inc. is a privately held biopharmaceutical company that is focused on development of therapeutics for the treatment of transfusion-related iron overload. The company’s operations include facilities in Boston, MA, and in Gainesville, FL. For additional information please visit our website at www.siderispharmaceuticals.com.
About MPM Capital
MPM Capital is one of the world's largest life science-dedicated venture investors. With committed capital under management in excess of $2.6 billion, MPM Capital is uniquely structured to invest globally in healthcare innovation.
About Hatteras Venture Partners
Hatteras Venture Partners is a venture capital firm based in Research Triangle Park, NC, with a focus on seed and early stage opportunities in biopharmaceuticals, medical devices, diagnostics, and related opportunities in human medicine. The firm consists of an experienced team with a broad and complementary skill set that is particularly relevant to building successful new biomedical companies.
About Osage University Partners
Osage University Partners is a unique venture capital fund based in Bala Cynwyd, PA, which has partnered with some 60+ leading US universities and research institutions. The fund invests exclusively in spinouts originating from its partner institutions, which include the University of Florida.
About the University of Florida Office of Technology Licensing
The University of Florida ranks among the nation’s leaders at transferring world-class research to partners who turn these discoveries into commercial products that make the world a better place. The UF Office of Technology Licensing helped create 15 new startups last year along, tying for fourth behind the entire University of California and University of Texas systems, and one shy of MIT’s 16 companies, according to recent statistics compiled by the Association of University Technology Managers.
Media for Sideris:
The Yates Network
Barbara Yates, 781-258-6153
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