Sideris Pharmaceuticals, Inc., a Boston, MA, and in Gainesville, Fla.-based biopharmaceutical company, completed a $32m Series A equity financing.
This round was led by MPM Capital, with participation from Hatteras Venture Partners and Osage University Partners. In conjunction with the funding, Ansbert Gadicke, MD, and Kazumi Shiosaki, PhD, both Managing Directors of MPM Capital, and Doug Reed, MD, General Partner of Hatteras Venture Partners, joined Sideris’ Board of Directors.
The company also entered into a deal with Novartis Pharmaceuticals whereby Novartis has been granted an exclusive right to acquire Sideris and its lead asset, the iron-chelating candidate SP-420 for up to $300m.
Led by Thomas Neenan, PhD, founder and CTO, Sideris Pharmaceuticals focuses on development of therapeutics for the treatment of transfusion-related iron overload. Its SP-420 is an orally active small molecule that selectively binds iron and removes it from the body.
The Novartis agreement and 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.