Bioversys AG, of Basel, Switzerland, said it completed a CHF19 million (US$20.8 million) series B financing round to advance its two lead infectious disease candidates into clinical trials. It is developing small molecules for multidrug-resistant bacterial infections with applications in antimicrobial resistance and targeted microbiome modulation. Its BV-100 is a potential breakthrough hospital antibiotic to treat serious infections caused by carbapenem-resistant Acinetobacter baumannii in indications of ventilator-associated bacterial pneumonia, hospital-acquired bacterial pneumonia and bloodstream infections. The other lead product, BVL-GSK098, is designed to overcome the resistance against ethionamide for the treatment of tuberculosis.
Cocrystal Pharma Inc., of Bothell, Wash., said it closed its underwritten public offering of 16.42 million shares, including the partial exercise by the underwriter of the option to purchase an additional 2.13 million shares at $1.05 each. The gross proceeds were approximately $17.2 million, with the net proceeds being deployed for the expansion of COVID-19 and influenza treatment development programs and general corporate purposes and working capital.
Iterum Therapeutics plc, of Dublin, said the subscription period of its rights offering, conducted in connection with its January 2020 private placement of units consisting of 6.5% exchangeable senior subordinated notes due 2025 and limited recourse royalty-linked subordinated notes, has expired. Holders of the company’s ordinary shares and eligible warrant holders were distributed rights entitling the purchase, at a subscription price of $1,000 each, of units consisting of a 6.5% exchangeable senior subordinated note due 2025 and 50 limited recourse royalty-linked subordinated notes. Based on the preliminary results, the company estimates that it will receive gross proceeds of approximately $6.37 million.
Kintara Therapeutics Inc., of San Diego, reported the final closing of its private placement of series C convertible preferred stock to accredited investors. Including previous closings, the company received gross proceeds of approximately $25 million. The company intends to use the net proceeds to fund the registration study for VAL-083 in newly diagnosed and recurrent glioblastoma multiforme and the 15-patient REM-001 confirmatory lead-in study that is designed to transition into a phase III pivotal study for cutaneous metastatic breast cancer as well as for working capital.
Lumen Bioscience Inc., of Seattle, said it closed a $16 million series B financing that was co-led by new investor Westriver Management and returning investor Bioeconomy Capital, with additional participation from existing investors Avista Development, Columbia Pacific, Lumen’s founders and Seattle-area angels. The round brings Lumen’s total equity and nondilutive investment to $68 million and will support continued advancement of three clinical programs for C. difficile, norovirus and traveler’s diarrhea. The company has completed a phase I safety and dose-escalation trial of LMN-101 for the treatment of travelers’ diarrhea and plans to initiate a phase II trial early next year.
Luca Science Inc., of Tokyo, which is developing functional mitochondria as therapeutic agents, said it closed a $9.8 million series A financing led by Axil Capital Partners. The company is collaborating with both Japanese and international academic institutions to develop clinical applications in multiple therapeutic areas. The funding will support the research and development of advanced drug delivery and formulation.
Painreform Ltd., of Herzliya, Israel, priced its IPO of 2.5 million units at $8 each for proceeds of about $20 million. Each unit consists of one ordinary share and one warrant to purchase one ordinary share. The ordinary shares have been approved to list on Nasdaq under the symbol PRFX. Maxim Group LLC and Joseph Gunnar & Co. LLC are acting as joint bookrunners for the offering. Shares ended their first trading day at $6.74, down 16%.
Selecta Biosciences Inc., of Watertown, Mass., entered a debt financing facility for up to $35 million with Oxford Finance and Silicon Valley Bank. Proceeds from the financing will be used to retire $12.6 million of existing debt. Selecta also plans to advance its ImmTOR pipeline in gene therapy and autoimmune diseases, and use some of the proceeds for selected business development activities.
Zosano Pharma Corp., of Fremont, Calif., priced an underwritten public offering of about 15.9 million shares for proceeds of about $20.8 million. The offering is expected to close on or about Sept. 2. BTIG is the sole book-running manager.