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Medtech firm working on new antibiotic closes huge eight-figure Series B

Global healthcare and lifesciences firm Arix Bioscience has announced it has closed a $65m Series B investment round in one of its businesses that is developing a new antibiotic.

Investment in Ireland-based Iterum, which is a new company operating under the Arix Group, has been led by Arix Bioscience along with contributions from new investors Advent Life Sciences, Domain Associates, Bay City Capital and Pivotal bioVenture Partners.

Existing investors Frazier Healthcare Partners, Canaan Partners, Sofinnova Ventures and New Leaf Venture Partners have also participated in this latest round.

Iterum is developing a new oral and intravenous antibiotic called sulopenem which the firm has found to be effective against ailments such as urinary tract and intra-abdominal infections. Thanks to the funding, the company can now proceed with phase 3 trials for the new antibiotic, which it hopes to begin in early 2018.

As part of the investment, London-headquartered Arix’s Mark Chin will join Iterum’s Board of Directors, in their first investment since the business floated on the stock exchange in February.

Joe Anderson, Chief Executive Officer of Arix Bioscience plc, commented: “Iterum has made great progress since its launch and we are very excited about its potential. We are privileged to join the company at this stage in its development and to help support the achievement of its goals.

“Arix is delighted to have led this $65m funding round comprising many of the biotech sector’s leading specialist investors. This is a significant deal for Arix, the first since our recent IPO, and one which further demonstrates the depth and quality of our pipeline.”

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