Bengaluru: Turing Pharmaceuticals, a New York-based pharmaceutical and biotechnology firm, raises $90 million in its Series A funding round led by its own Founder & CEO, Martin Shkreli. This funding round also saw contributions from multiple institutional equity investors whose names remain undisclosed. The company eyes to enhance its growing pipeline of novel drug candidates and makes acquisitions using the freshly raised capital.
In light of this, the company has already acquired the exclusive rights for marketing the Daraprim in the U.S. from Impax Laboratories. Through this acquisition, Turing plans to focus on treating toxoplasmosis and other serious infectious diseases.
“We are very happy with the institutional interest in our first capital raise. It’s a great reflection on our business model and the collective track record of our leadership team developing breakthrough treatments for serious diseases,” says Shkreli. “We plan to accelerate clinical trials for several treatments and are pleased to announce an immediate addition to our portfolio. We also look forward to the continued execution of our plan to bring new treatments for serious diseases to patients, helping us maximize shareholder value,” he added.
Speaking about the Daraprim acquisition, Shkreli says, “The acquisition of Daraprim and our toxoplasmosis research program are significant steps along Turing’s path of bringing novel medications to patients with serious disorders, some of whom often go undiagnosed and untreated. We are also planning to launch an educational effort to help raise awareness and improve diagnosis for patients with toxoplasmosis”.
Shkreli, a former CEO of Retrophin LLC, set up Turing Pharmaceuticals in 2014. It is a full-fledged biopharmaceutical company that focuses on patients who cannot afford their medical needs. It has offices in New York and Zug, Switzerland and develops innovative treatments for many serious diseases which have very limited or no treatment options. Its main medical products include Ketamine, Syntocinon and Vecamyl, Turing’s first commercial product.