NEWTON, Mass.--(BUSINESS WIRE)--Macrolide Pharmaceuticals, a new company with groundbreaking technology to develop novel antibiotics, completed a Series A financing of $22 million led by Novartis Venture Fund, Gurnet Point Capital, Roche Ventures, and SROne. The financing follows a worldwide license agreement between Harvard's Office of Technology Development and the company, providing exclusive rights to the technology.
Proceeds of the financing will enable Macrolide Pharmaceuticals to expand its proprietary drug discovery platform and accelerate the development of a pipeline of novel antibiotics.
“Andy Myers and I are excited to apply this new technology to a highly effective and safe class of antibiotics, the macrolides, where we already have encouraging data in gram-positive and gram-negative species,” said Dr. Lawrence Miller, co-founder of Macrolide. “We believe that we can use this technology platform to develop multiple antibiotic products. We’re delighted to work with a superb group of sophisticated, highly experienced investors in this endeavor.”
Macrolide Pharmaceuticals focuses on the discovery and development of novel macrolide antibiotics for the treatment of life-threatening bacterial infections caused by drug resistant pathogens. Macrolide Pharmaceuticals’ strategy is based on unique chemistry developed by Prof. Andrew Myers of Harvard University. Prof. Myers has developed the first practical total synthesis of the macrolide class of antibiotics from basic building blocks. The macrolide class is among the most successful antibiotic classes, but it has been limited by semi-synthesis so only a handful of macrolides have been commercialized since erythromycin was discovered in 1948.
Using the new technology, Macrolide Pharmaceuticals can synthesize a huge range of macrolides, and many macrolides have already been synthesized with promising anti-bacterial activity. The company seeks to extend the anti-bacterial spectrum of the macrolide class, both in Gram-negative infections where treatment options are limited and Gram-positive organisms where macrolides have been in widespread use. The synthetic technology provides a platform for the creation of multiple antibiotic products.
The initial work to develop the Macrolide Pharmaceuticals technology was supported by funding from the Blavatnik Biomedical Accelerator at Harvard University. Isaac T. Kohlberg, Senior Associate Provost and Chief Technology Development Officer at Harvard explained “that the ideal development pathway to the clinic for this technology is a well-funded, professionally managed startup company fully committed to its advancement. We are pleased that this investment group shares our confidence in the potential of Macrolide Pharmaceuticals and the Myers technology.”
The investors in this Series A financing are top-tier investors in the life sciences sector, including SROne (www.srone.com), Roche Ventures (www.roche.com/venturefund), Gurnet Point Capital (www.gurnetpointcapital.com), and Novartis Venture Fund (http://www.nvfund.com).
The founders of Macrolide Pharmaceuticals are Prof. Myers and Dr. Lawrence Miller. Prof. Myers and Dr. Miller previously co-founded Tetraphase Pharmaceuticals (NASDAQ:TTPH), an anti-bacterial company with a highly promising tetracycline platform.
About Macrolide Pharmaceuticals
Macrolide Pharmaceuticals focuses on the discovery and development of novel macrolide antibiotics for the treatment of life-threatening bacterial infections caused by drug resistant pathogens. Using novel technology, Macrolide Pharmaceuticals can synthesize a broad range of macrolides, and initial compounds show promising anti-bacterial activity. The company seeks to extend the anti-bacterial spectrum of the macrolide class, both in Gram-negative infections d and Gram-positive organisms. The synthetic technology provides a platform for the creation of multiple antibiotic products.
Macrolide Pharmaceuticals’ strategy is based on unique chemistry developed by Prof. Andrew Myers of Harvard University. Prof. Myers has developed the first practical total synthesis of the macrolide class of antibiotics from basic building blocks. The macrolide class is among the most successful antibiotic classes, but it has been limited by semi-synthesis so only a handful of macrolides have been commercialized since erythromycin was discovered in 1948.
For more information, please visit www.macrolidepharma.com.
