Zavante Therapeutics, Inc., a San Diego, CA-based late clinical-stage biopharmaceutical company, closed a $45m Series A financing.
This included $35m from new investors and $10m from the conversion of outstanding convertible notes.
Backers included Frazier Healthcare Partners, Longitude Capital, and Aisling Capital. In conjunction with this financing, Patrick Heron, managing general partner of Frazier Healthcare Partners’ Life Sciences team, and David Hirsch, M.D., Ph.D., managing director and founder of Longitude Capital, will join the Zavante board of directors. Andrew Schiff, M.D., managing partner of Aisling Capital, will take an observer seat.
The company intends to use the funds for the development of its lead product candidate, ZTI-01 (fosfomycin for injection), an injectable antibiotic with a differentiated mechanism of action designed for use in the hospital setting. In the second quarter of 2016, Zavante plans to initiate the ZEUS Study, a single pivotal clinical trial for ZTI-01, a broad spectrum IV antibiotic under development to treat multidrug resistant (MDR) pathogens.
Led by Ted Schroeder, founder, president and CEO, Zavante focuses on licensing, developing and commercializing novel products that address serious unmet medical needs in the hospital.
ZTI-01 is an injectable epoxide antibiotic that has demonstrated a broad spectrum of bactericidal gram-negative and gram-positive activity, including activity against most contemporary MDR bacterial strains, for which current antibiotic therapeutic choices are severely limited. In September 2014, the FDA granted Qualified Infectious Disease Product (QIDP) designation for ZTI-01 for the indication of complicated urinary tract infections (cUTI). In December 2015, the the QIDP designation was expanded to include complicated intra-abdominal infections (cIAI), hospital-acquired bacterial pneumonia (HABP)/ventilator-associated bacterial pneumonia (VABP), and acute bacterial skin and skin structure infections (ABSSSI).