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Print Edition StoriesTuesday, May 5, 2009
Synageva BioPharma boosts first funding to $33M
By Mass High Tech staff
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Just two weeks after closing on $30 million in its first financing round, Synageva BioPharma Corp. reports it has bumped that amount by $3 million more by adding two new investors.
The new investors joining in the second closing of the round are Yasuda Enterprise Development Co. Ltd. of Tokyo and Hunt BioVentures, based in Dallas. Yasuda has more than $900 million currently under management and has backed more than 200 IPOs since its inception. Hunt BioVentures is one of the family of companies owned by Ray L. Hunt.
Waltham-based Synageva develops next-generation follow-on protein treatments. The initial close of the financing round, announced on April 15, was led by Baker Brothers Investments; other investors included Tullis Dickerson and Four Partners.
The money from both closes will advance some of Synageva’s products to later development stages for potential partnerships, officials say. It intends to take three of its most promising development programs through the independent new drug application process. These include two next generation monoclonal antibodies and a novel protein therapeutic. Additionally, Synageva says it is looking into partnerships for the development and commercialization of its later stage pipeline. It also wants to collaborate with partner companies to produce other product candidates with safety and efficacy profiles.
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