Bangalore: Massachusetts based biopharmaceutical startup Spero Therapeutics LLC raises $30 million in series A round of funding. The funding round was led by Lundbeckfond Ventures and participated by investors including Merck Research Ventures, The Kraft Group, Atlas Venture, SR One and Partners Innovation Fund. As part of the funding, Casper Breum – Lundbeckfond Ventures’ and Merck’s Dr. Josh – Resnick will be joining the Spero’s board.
The fund will be utilized to upgrade the Potentiator franchise into clinical development by 2016. The company also expects to deploy the fund to enhance its anti virulence program in partnership with Roche through the submission of an Investigational New Drug (IND) application and expand additional programs in its pipeline.
Incorporated in 2013 by Laurence Rahme, Spero Therapeutics LLC is a biopharmaceutical company founded to develop novel therapies for the treatment of bacterial infections. The company’s potentiator program aims to enhance existing drugs through an increase in their potency against multi-drug resistant gram-negative bacteria. Its MvfR inhibitor program targets a pathway involved in two critical bacterial processes: virulence and persistence. Today, the company’s lead program deals with a novel target driving virulence and persistence of Pseudomonas Aeruginosa infections and other Gram-negative pathogens.
Concerning the startup, Ankit Mahadevia, Managing Director, Co-Founder & Chief Executive Officer, Spero says, “We appreciate the support and confidence demonstrated by our new and existing investors in this round of financing. Our vision is to continue growing as a premier drug discovery and development organization focused on breakthrough anti-infective therapies. Our novel approaches to the major unmet need of Gram-negative infections show tremendous breadth and promise, and this financing round will fuel our continued growth in this very promising and rapidly growing field.”
Further speaking about the company, Casper Breum, Partner, Lundbeckfond Ventures says, “In a very short period of time, Spero has made significant progress with their strategy to leverage dramatic changes in the field of anti-infective and create novel therapies to combat severe infections. Spero has also assembled a highly experienced scientific team that can sustainably and synergistically work across different mechanisms and with multiple collaborators. We are thrilled to be working with a company that has the potential to fill such an important unmet medical need.”