US-based anti-infective treatment developer Entasis Therapeutics yesterday raised $31.9m in a series B-1 extension to close the round, already backed by pharmaceutical firms Novo and AstraZeneca, at $81.9m.
The additional capital was provided by Pivotal BioVenture Partners, Sofinnova Ventures and TPG Biotech.
The original tranche, raised in March 2016, was led by fife sciences-focused investment firm Clarus, with participation from Novo and AstraZeneca as well as specialist investment firm Frazier Healthcare Partners and investment adviser Eventide Funds.
Entasis was spun out from AstraZeneca in 2015. The company is developing therapies for drug-resistant bacterial infections and will use the money to advance its pipeline of preclinical and clinical candidates.
Tracy Saxton, managing partner at Pivotal, Heather Behanna, principal at Sofinnova, and Heather Preston, partner at TPG, have joined the board of directors.
AstraZeneca previously supplied $40m in funding to Entasis when it set up the business.
Manos Perros, president and chief executive of Entasis, said: “We welcome this strong support from a group of experienced and successful investors who understand the need and market opportunity for new medicines to combat multi drug-resistant bacterial infections.”