Affinium Pharmaceuticals, an Austin, Texas,- and Toronto, Canada-based specialty pharmaceutical company focused on the development of novel anti-infective medicines, has closed a $15m financing.
Backers include Series A shareholders SV Life Sciences, Genesis Capital Partners and Forward Ventures, as well as new investor Ontario Emerging Technologies Fund.
Led by CFO Owen Roberts, and CMO Dr. Barry Hafkin, Affinium Pharmaceuticals is developing novel, specific-spectrum antibacterial therapeutics that inhibit the bacterial fatty acid synthesis pathway (FASII), an unexploited therapeutic target.
The company intends to use the funds to complete a phase 2 trial for its oral tablet and phase 1 trials of its new IV formulations.
Affinium will initiate shortly a phase 2 clinical study of oral AFN-1252 in acute bacterial skin and skin structure infections.
AFN-1252, the lead clinical candidate from Affinium’s FASII program, is designed to selectively target the staphylococcal FabI enzyme.