Vedanta21 Jul 2021 20:28
PureTech Founded Entity Vedanta Biosciences Completes $68 Million Series D FinancingProceeds expected to be used primarily to support a Phase 3 trial of Vedanta’s lead candidate VE303 in Clostridioides difficile infection (CDI) and a Phase 2 trial of VE202 in inflammatory bowel disease (IBD)Topline data from Phase 2 trial of VE303 in CDI are anticipated in Q3 2021Vedanta plans to initiate Phase 2 trial of VE202 for treatment of mild to moderate ulcerative colitis in H2 2021July 21, 2021 07:03 AM Eastern Daylight TimeBOSTON--(BUSINESS WIRE)--PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) (“PureTech” or the “Company”), a clinical-stage biotherapeutics company, announces that its Founded Entity, Vedanta Biosciences (“Vedanta”), completed a $68 million Series D financing and provided a pipeline update.“We are proud to support the company’s efforts.”Tweet thisThe Series D financing was led by affiliates of Magnetar Capital. Other participants in the financing were new and existing investors including Verition Fund Management, Fosun Health Capital, co-founder PureTech Health, Rock Springs Capital, Skyviews Life Science, JSR Corporation, SymBiosis LLC, Shumway Capital, Health for Life Capital (Seventure Partners) and other institutional investors. The round also includes a $25 million investment from Pfizer as part of the Pfizer Breakthrough Growth Initiative, which was announced in January 2021.Vedanta plans to use the proceeds to advance its pipeline of defined bacterial consortia, including progressing VE303 into a Phase 3 clinical trial in patients at high risk for recurrent CDI, initiating a Phase 2 clinical trial of VE202 in mild to moderate ulcerative colitis and continuing to advance programs in additional indications.The full text of the announcement from Vedanta is as follows:Vedanta Biosciences Completes $68 Million Series D FinancingProceeds expected to be used primarily to support a Phase 3 trial of lead candidate VE303 in Clostridioides difficile infection (CDI) and a Phase 2 trial of VE202 in inflammatory bowel disease (IBD)Topline data from Phase 2 trial of VE303 in CDI are anticipated in Q3 2021Plans to initiate Phase 2 trial of VE202 for treatment of mild to moderate ulcerative colitis in H2 2021CAMBRIDGE, MA, July 21, 2021 – Vedanta Biosciences, Inc., a leading clinical-stage microbiome company developing a new category of oral therapies using defined bacterial consortia manufactured from clonal cell banks, today announced the closing of a $68 million Series D financing and provided a pipeline update.The Series D financing was led by affiliates of Magnetar Capital. Other participants in the financing were new and existing investors including Verition Fund Management, Fosun Health Capital, co-founder PureTech Health, Rock Springs Capital, Skyviews Life Science, JSR Corpor