Adaptive Phage Therapeutics Raises $40.75M in Series B Financing

Adaptive Phage Therapeutics (APT), a Gaithersburg, Md.-based clinical-stage biotechnology company dedicated to providing therapies to treat infectious diseases, closed a $40.75m Series B funding.

The round was led by Deerfield Management Company with participation from existing investor Mayo Clinic and an additional undisclosed institutional investor.

The company intends to use the funds to accelerate clinical development of PhageBank™ phage therapies, as well as for general corporate purposes.

Led by Greg Merril, CEO and Co-Founder, Adaptive Phage Therapeutics is a clinical-stage company advancing therapies to treat multi-drug resistant infections. Originally developed by the biodefense program of U.S. Department of Defense, PhageBank™ technology is a growing collection of hundreds of bacteriophage, collectively providing broad spectrum coverage against six of the highest priority multi-drug resistant bacterial pathogens.

The PhageBank™ approach leverages a library of bacteriophage (phage) that collectively provide evergreen broad spectrum and polymicrobial coverage. PhageBank™ phages are matched through a proprietary phage susceptibility assay that APT has teamed with Mayo Clinic Laboratories to commercialize on a global scale.

APT acquired the world-wide exclusive commercial rights in 2017. Under FDA emergency Investigational New Drug allowance, the company has provided investigational PhageBank™ therapy to treat more than 40 critically ill patients in which standard-of-care antibiotics had failed.