Tuesday, April 3, 2007

Syndax Pharmaceuticals socks away $40M in Series A financing

Syndax Pharmaceuticals Inc. of Waltham reports it has closed on a $40 million Series A financing round.

The company, which was co-founded in San Diego in 2005 by Eckard Weber of Domain Associates, and Ronald Evans of the Salk Institute for Biological Studies and Howard Hughes Medical Institute, has operated primarily as a virtual contract research organization.

According to CEO Joanna Horobin, the new funding will allow Syndax to expand beyond its five employees to 10 full-time employees, based in its Waltham headquarters.

The financing was co-led by Domain Associates and MPM Capital. Co-investors include Avalon Ventures, Forward Ventures and Pappas Ventures. Proceeds from the Series A funding are expected to be used to fund development of a clinical pipeline, according to the company.

Weber will serve as chair of the Syndax board of directors. Also serving on the board will be Steven St. Peter of MPM Capital; Kim Puloma Kamdar of Domain Associates; Arthur Klausner of Pappas Ventures, and Horobin.

Syndax was founded with an exclusive license from the Salk Institute for the IP from Evans' research on histone deacetylase (HDAC) inhibition and the regulation of nuclear receptors. HDAC-based drugs can be used in conjunction with existing drugs, officials said, and provide added therapeutic benefit in treating a disease.