TIDMPRTC
PureTech Health PLC
13 May 2019
13 May 2019
PureTech Health plc
PureTech Health Affiliate Vedanta Biosciences Closes Extended
$45.5 Million Series C Financing
Extension raises $18.5 million in new capital to deliver data
from three clinical programmes
PureTech Health plc (LSE:PRTC) ("PureTech Health"), an advanced
biopharmaceutical company developing novel medicines for
dysfunctions of the Brain-Immune-Gut (BIG) axis, is pleased to
announce that its affiliate Vedanta Biosciences today announced an
$18.5 million extension of its Series C financing round, bringing
the total for the round to $45.5 million. The new investment comes
from JSR Corporation, Shumway Capital, SymBiosis LLC, and Partners
Investment Co., Ltd. These new investors join previously announced
participants of the round which included the Bill & Melinda
Gates Foundation, Bristol-Myers Squibb, Rock Springs Capital,
Invesco Asset Management, Health for Life (Seventure Partners), and
founder PureTech Health. As previously announced, the proceeds from
the financing will be used to advance Vedanta's broad clinical
portfolio in indications including food allergy, advanced or
metastatic cancers, and infection. A clinical study is also being
advanced with Janssen as part of an ongoing collaboration in
inflammatory bowel disease.
Bharatt Chowrira, JD, PhD, president and chief of business and
strategy at PureTech Health, said: "Expanding an already impressive
syndicate with these additional investors is a tribute to Vedanta's
differentiated clinical pipeline and platform which represent a new
frontier for immune-mediated diseases."
The full text announcement from Vedanta Biosciences is as
follows:
Vedanta Biosciences Closes Extended $45.5 Million Series C
Financing
$18.5 million in extension funding will support clinical
pipeline of microbiome-derived product candidates
CAMBRIDGE, Mass., May 13, 2019- Vedanta Biosciences, a
clinical-stage company developing a new category of therapies for
immune-mediated diseases based on rationally-defined consortia of
human microbiome-derived bacteria, has raised an additional $18.5
million as an extension of its Series C financing, bringing the
total for the round to $45.5 million. The new investment comes from
JSR Corporation, Shumway Capital, SymBiosis LLC, and Partners
Investment Co., Ltd., who join previously disclosed investors the
Bill & Melinda Gates Foundation, Bristol-Myers Squibb, Rock
Springs Capital, Invesco Asset Management, Health for Life
(Seventure Partners), and founder PureTech Health. Proceeds from
the financing will be used to advance Vedanta's clinical portfolio
including a Phase 1/2 study of VE416 in food allergy, a Phase 1b/2
study of VE800 and OPDIVO(R) (nivolumab) in advanced or metastatic
cancers, and the ongoing Phase 2 study of VE303 in recurrent
Clostridium difficile infection (rCDI). A Phase 1 clinical study of
VE202 in healthy volunteers is being advanced with Janssen as part
of an ongoing collaboration in inflammatory bowel disease
(IBD).
"Our platform has the potential to address broad medical needs,
including the treatment of drug resistant infection, food
allergies, and other immune-mediated conditions where current
approaches fall short," said Bernat Olle, PhD, co-founder and chief
executive officer of Vedanta Biosciences. "This financing will
enable us to continue to advance defined bacterial consortia as a
new modality, including generating clinical readouts in multiple
therapeutic areas, and we are grateful to our new and existing
investors for their support."
Vedanta Biosciences is developing consortia of bacterial strains
designed to effect robust and durable therapeutic changes in a
patient's gut microbiota. In contrast to faecal transplants or
administration of faecal fractions, Vedanta Biosciences' consortia
are defined compositions of bacteria manufactured from pure, clonal
cell banks, without the need to rely on direct sourcing of faecal
donor material of inconsistent composition.
About Vedanta Biosciences
Vedanta Biosciences is a clinical-stage company developing a new
category of therapies for immune-mediated diseases based on
rationally-defined consortia of human microbiome-derived bacteria.
Vedanta Biosciences is a leader in the microbiome field with
capabilities and deep expertise to discover, develop, and
manufacture live bacteria drugs. These include what is believed to
be the largest collection of human-gut associated bacteria, a suite
of proprietary assays to select pharmacologically potent strains,
vast proprietary datasets from human interventional studies, and
facilities for cGMP-compliant manufacturing of rationally-defined
bacterial consortia in powder form. Vedanta Biosciences' pioneering
work, in collaboration with its scientific co-founders, has led to
the identification of human commensal bacteria that induce a range
of immune responses - including induction of regulatory T cells,
CD8+ T cells, and Th17 cells, among others. These advances have
been published in leading peer-reviewed journals, including Science
(multiple), Nature (2013, 2019), Cell, and Nature Immunology.
Vedanta Biosciences has harnessed these biological insights and its
capabilities to generate a pipeline of programmes in infectious
disease, autoimmune disease, allergy, and immuno-oncology.
Vedanta Biosciences was founded by PureTech Health (LSE.PRTC).
Its scientific co-founders are world-renowned experts in immunology
and microbiology who have pioneered the fields of innate immunity,
Th17 and regulatory T cell biology, and include Ruslan Medzhitov,
PhD, (Yale and Howard Hughes Medical Institute (HHMI)), Brett
Finlay, PhD, (University of British Columbia and HHMI), Kenya
Honda, PhD, (Keio University and RIKEN), Dan Littman, PhD, (New
York University and HHMI), Alexander Rudensky, PhD, (Sloan
Kettering and HHMI), and Jeremiah Faith, PhD, (Mount Sinai School
of Medicine).
About PureTech Health
PureTech Health (LSE: PRTC) is an advanced biopharmaceutical
company developing BIG medicines for dysfunctions of the
Brain-Immune-Gut axis. The Company has gained deep insights into
the connection between these systems and the resulting role in
diseases that have proven resistant to established therapeutic
approaches. By harnessing this emerging field of human biology,
PureTech Health is developing new categories of medicines with the
potential to have great impact on people with serious diseases.
PureTech Health is advancing a rich pipeline of innovative
therapies with an unbiased, non-binary, and capital efficient
R&D model across its affiliates and its internal labs.
PureTech's affiliates include seven clinical-stage platforms,
including one product that has been cleared by the US Food and Drug
Administration (FDA) and a second product candidate that has been
filed with the FDA for review, and several other novel preclinical
programmes. The PureTech Health pipeline includes ground-breaking
platforms and therapeutic candidates that were developed in
collaboration with some of the world's leading experts.
PureTech's internal research and development is centred on
tissue-selective immunomodulation for the treatment of oncology,
autoimmune, and CNS-related disorders, with a near-term focus on
targeting newly-discovered, foundational immunosuppressive
mechanisms in oncology and novel approaches that harness the
lymphatic infrastructure.
For more information, visit www.puretechhealth.com or connect
with us on Twitter @puretechh.
Ownership Information
PureTech's percentage ownership of Vedanta Biosciences following
the financing is approximately 57.4% on a diluted basis. This
calculation of PureTech's holding includes issued and outstanding
shares as well as options and warrants to purchase shares, but
excludes unallocated shares authorised to be issued pursuant to
equity incentive plans.
Forward Looking Statement
This press release contains statements that are or may be
forward-looking statements, including statements that relate to the
company's future prospects, developments and strategies. The
forward-looking statements are based on current expectations and
are subject to known and unknown risks and uncertainties that could
cause actual results, performance and achievements to differ
materially from current expectations, including, but not limited
to, those risks and uncertainties described in the risk factors
included in the regulatory filings for PureTech Health plc. These
forward-looking statements are based on assumptions regarding the
present and future business strategies of the company and the
environment in which it will operate in the future. Each
forward-looking statement speaks only as at the date of this press
release. Except as required by law and regulatory requirements,
neither the company nor any other party intends to update or revise
these forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact:
Investors EU media US media
Allison Mead Talbot Ben Atwell, Rob Winder Tom Donovan
+1 617 651 3156 +44 (0) 20 3727 1000 +1 857 559 3397
amt@puretechhealth.com ben.atwell@FTIconsulting.com tom@tenbridgecommunications.com
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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END
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May 13, 2019 02:01 ET (06:01 GMT)
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