University of Florida spin-out Sideris Pharmaceuticals, a US-based biopharmaceutical company, has completed a $32m series A round led by MPM Capital.
Joining the life science-focused venture firm in participation were Hatteras Venture Partners and Osage University Partners, a venture fund which represents over 60 US universities and research institutes.
The life sciences firm was spun out from Florida earlier in the year, supported by a seed round worth $599k. It is developing therapeutics for the treatment of transfusion-related iron overload with its lead asset SP-420.
In addition to the financing, Sideris also entered into an agreement with Novartis Pharmaceuticals where Novartis has the right to acquire SP-420 in a deal that could be worth up to $300m.
Raymond Bergeron, founder of Sideris, said: “The novel iron chelator SP-420 articulates our best efforts in drug discovery and development for transfusional iron overload diseases. We are very enthusiastic that the Sideris team will be moving this forward and equally excited for the patients. I will always remain indebted to the National Institute of Diabetes and Digestive and Kidney Diseases, to the University of Florida, and to my coworkers for their tireless efforts over the years.”
This article first appeared in Global University Venturing.