Azitra Inc., of Farmington, Conn., said it closed a $14 million series A financing led by Kdt Ventures in conjunction with existing investor Bios Partners. Connecticut Innovations and Godfrey Capital also participated in the round. Proceeds will be used to expand Azitra's management team and to advance medical dermatology products in the clinic, including studies with lead compound ATR-04, a genetically engineered strain of Staphylococcus epidermidis, in cancer therapy-associated skin rashes and ATR-02, a serine protease inhibitor Kazal type 5 stimulator, to treat Netherton syndrome, an orphan skin disease. (See BioWorld, April 11, 2019.)

Phathom Pharmaceuticals Inc., of Buffalo Grove, Ill., set terms for its proposed IPO, disclosing plans to offer 7.9 million common shares priced in a range of $18 to $20 for a raise of approximately $136.8 million at the midpoint. The company plans to grant underwriters an option to purchase approximately 1.2 million additional shares to fill overallotments. Most of the proceeds will fund clinical development of vonoprazan, a potassium competitive acid blocker, in the U.S., Canada and Europe to treat gastroesophageal reflux disease and, in combination with antibiotics, to irradiate Helicobacter pylori, a bacterial pathogen associated with gastritis, peptic ulcer and gastric cancer. Phathom is seeking to list on Nasdaq under the symbol PHAT. Goldman Sachs & Co. LLC, Jefferies LLC and Evercore Group LLC are joint bookrunners on the deal, which was not priced. Phathom was formed by Takeda Pharmaceutical Co. Ltd., of Osaka, Japan, and Frazier Healthcare Partners to develop and commercialize vonoprazan outside Japan and countries in Asia where Takeda markets the drug. (See BioWorld, May 16, 2019.)

No Comments