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Print Edition StoriesThursday, October 29, 2009
Virdante Pharmaceuticals boosts first round to $47M
By Mass High Tech staff
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Cambridge-based Virdante Pharmaceuticals Inc. reports it has raised new funding to bring its Series A round to $47.75 million, to continue development of antibody-based drugs that have better anti-inflammatory activity, to better treat autoimmune and inflammatory disorders.
The new round was led by Thomas, McNerney & Partners with participation by Osage Partners, along with previous investors Clarus Ventures, Venrock, MedImmune Ventures and Biogen Idec New Ventures. Virdante, which was called Centaurus Pharmaceuticals until April 2008, leases office and lab space in the same building as the Biogen Idec Innovation Incubator.
Virdante has received $30 million of the Series A funding, according to CEO John Ripple, and the remainder of the committed funds are based on the company achieving certain corporate milestones. The funds are sepicfically targeted to the launch of Virdante’s second development effort, called sFC, a synthetic fragment of an antibody which is based on the sugar molecule that carries the anti-inflammatory effect in the antibody.
Ripple says that he is continuing the company’s conservative growth plan, but does anticipate adding staff going forward.
“We will be making a few selective hires from now through 2010,” Ripple said.
Virdante has licensed technology from Rockefeller University in New York City, where the startup’s scientific founder, Jeffrey Ravetch, is a professor. Ravetch is an expert on immunoglobulin antibodies, found to reduce inflammation caused by such disorders as arthritis and asthma.
Eric Aguiar, a partner at Thomas, McNerney & Partners, has joined the Virdante board of directors. Aguiar says that Virdante’s technology is aimed at the $4 billion market for plasma-derived products.
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