Iterum Therapeutics Limited, a Dublin, EIRE-based clinical-stage pharmaceutical company, raised $65m in Series B funding.
The round was led by Arix Bioscience plc (LSE: ARIX) with participation from new investors Advent Life Sciences, Domain Associates, Bay City Capital and Pivotal bioVenture Partners. and previous investors Frazier Healthcare Partners, Canaan Partners, Sofinnova Ventures and New Leaf Venture Partners. In conjunction with the funding, Arix Bioscience’s Mark Chin will join Iterum’s Board of Directors.
Led by CEO Corey Fishman and CSO Michael Dunne MD, Iterum is developing sulopenem, a novel oral and intravenous antibiotic, known as a penem, for the treatment of Gram-negative multi-drug resistant infections. Sulopenem, with a safety and efficacy profile similar to other penems, has demonstrated broad-spectrum coverage, including Gram-negative pathogens, and has shown potent in-vitro activity against Enterobacteriaceae (ESBL) mutants of E. coli and K. pneumonia. These pathogens are the most commonly associated with our initial indications of interest: uncomplicated urinary tract infections, complicated urinary tract infections and complicated intra-abdominal infections (uUTI, cUTI and cIAI).
The proceeds of this financing will be used to complete a Phase 3 pivotal trial in uUTI and to advance the broader Phase 3 pivotal program. Trials are expected to begin in the first half of 2018 and Iterum plans to file an NDA with the FDA by year end 2019.