Here is an article as well as the press release at bottom about Bob's financing.
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Viamet drops IPO, spins out cancer drug as ex-Elan chief funds $60M round
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| Kelly Martin |
Brandon Point Industries--founded by ex-Elan CEO Kelly Martin and working with Neil Woodford's high profile investment management group--came in with the cash, joining a syndicate that includes Novartis Venture Fund, Lilly Ventures, Hatteras Venture Partners, Intersouth Partners, Lurie Holdings and Astellas Venture Management.
Biotech companies make up the bulk of companies looking to go public these days. But after a two-year run, analysts are increasingly seeing the top entries do well while lesser-known biotechs like Viamet are either forced to the sidelines or required to accept a deep discount on price. Viamet chose a different route and now Martin is joining the board.
As CEO for Elan, Martin proved to be a lightning rod for activist investors and analysts, frequently angered by his use of private jets and repeated R&D setbacks. A last-ditch attempt to use a windfall from Biogen Idec to fund a deal spree was ultimately rejected by shareholders, who opted for a buyout offer. He reportedly made up to $40 million from the Perrigo acquisition, an early tax inversion deal.
Martin's money will be used to back a Phase IIb study of VT-1161, which launches in the fourth quarter. And another program for cryptococcal meningitis will start next year. "Additionally, this financing will provide resources to advance a new lead series for other invasive fungal infections, while also fully exploiting the power of our Metallophile platform to discover, optimize and develop novel compounds for a multitude of additional therapeutic indications," noted Viamet CEO Robert Schotzinger.
William Moore, PhD, the former CSO of Viamet, will now take the helm of Innocrin, which will pursue the mid-stage development work for the prostate cancer drug VT-464, a dual lyase-selective CYP-17 inhibitor and androgen receptor antagonist.
- here's the release
I added it below
Related Articles:
Novartis venture arm inks $200M deal with tiny Viamet
Viamet gets Big Pharma support in $18M round
http://www.marketwatch.com/story/viamet-announces-60-million-series-d-financing-2014-10-21
In conjunction with the financing, Robert Ingram, Partner at Hatteras
Venture Partners and former CEO of GlaxoWellcome, and Kelly Martin,
co-founder of Brandon Point and former CEO of Elan Corporation, plc,
will join the company’s board of directors. Additionally, Adrian Howd,
partner at Brandon Point, will join the company’s board within six
months of closing.
“We are delighted with the commitment from both Brandon Point and Woodford Investment Management to Viamet, and welcome Robert Ingram, Kelly Martin and Adrian Howd to our board of directors,” noted Robert Schotzinger, MD, PhD, President and CEO of Viamet. “Their collective expertise will be invaluable as we advance our broad portfolio of antifungal compounds, including particularly VT-1161, for which we will initiate Phase 2b trials in important dermatology and women’s health indications during the fourth quarter of this year, and VT-1129, for which we expect to initiate clinical development for cryptococcal meningitis in mid-2015. Additionally, this financing will provide resources to advance a new lead series for other invasive fungal infections, while also fully exploiting the power of our Metallophile® platform to discover, optimize and develop novel compounds for a multitude of additional therapeutic indications.”
Robert Ingram, who will assume the role of Chairman upon joining the Viamet Board of Directors, noted, “Viamet is engaged in an area of important unmet medical need – the discovery of novel agents to treat fungal infections, which are an increasingly problematic concern to the medical community, and include a broad range of indications. Viamet is one of the few companies squarely focused on this large commercial opportunity with a novel technology platform and a proven ability to generate multiple clinical candidates spanning a range of antifungal indications. It is a pleasure to join Viamet’s Board of Directors, and I look forward to working with Bob and the team to fully realize the potential of the company’s programs and technology platform.”
Kelly Martin and John Given, co-founders of Brandon Point, stated, “On behalf of Brandon Point, we are looking forward to working with and supporting the Viamet executive team and organization as well as complementing their current investors. The company’s unique technology has broad applications, well beyond the programs currently in development. Through our collective and multi-faceted industry experiences housed within Brandon Point, we look forward to providing relevant guidance that would assist in further crystalizing the company’s prospective strategy and realizing its full potential. We will work closely with Bob and his team in helping to achieve long term and repeatable successes.”
Concurrent with the closing of the Series D financing, Viamet also announced that it will be spinning out its prostate cancer program to its existing investors as an independent company, to be named Innocrin Pharmaceuticals (Innocrin). Innocrin will be led by William Moore, PhD, who formerly served as Chief Scientific Officer of Viamet. Innocrin is currently studying its oral clinical-stage asset, VT-464, a novel dual lyase-selective CYP-17 inhibitor and androgen receptor antagonist, in multiple Phase 2 castration-resistant prostate cancer studies.
About Viamet Pharmaceuticals (www.viamet.com)
Viamet is a biopharmaceutical company focused on the discovery, development and commercialization of novel antifungal agents based on its proprietary metalloenzyme medicinal chemistry platform, the Metallophile® Technology. Metalloenzymes are enzymes that contain a metal, such as iron, zinc or copper, which is linked to the enzyme’s protein component. Drugs based upon this platform are expected to have greater selectivity, fewer side effects and improved potency compared to currently available antifungal agents. The company’s lead product candidate, VT-1161, is an oral agent in Phase 2b development for the treatment of recurrent vulvovaginal candidiasis, or RVVC, a highly prevalent mucosal infection for which there are no approved therapies in the United States, and onychomycosis, a very common fungal infection of the nail for which current treatments are suboptimal with respect to safety, tolerability and efficacy. Additional product candidates in preclinical development include VT-1129, which is targeted for the treatment of cryptococcal meningitis, and VT-1598 and related analogues, which are targeted for the treatment of invasive fungal infections.
This press release includes forward-looking statements. Actual results may vary materially from these statements. There are many important risks affecting Viamet’s business, VT-1161 and VT-1129, including that clinical trials may not be commenced, or if commenced, may not be successful, regulatory approvals may not be obtained and approved products, if any, may not achieve commercial success.
SOURCE: Viamet Pharmaceuticals
Viamet Pharmaceuticals, Inc.
Richard Katz, M.D., Chief Business and Financial Officer
Telephone: +919.467.8539 ext. 316
“We are delighted with the commitment from both Brandon Point and Woodford Investment Management to Viamet, and welcome Robert Ingram, Kelly Martin and Adrian Howd to our board of directors,” noted Robert Schotzinger, MD, PhD, President and CEO of Viamet. “Their collective expertise will be invaluable as we advance our broad portfolio of antifungal compounds, including particularly VT-1161, for which we will initiate Phase 2b trials in important dermatology and women’s health indications during the fourth quarter of this year, and VT-1129, for which we expect to initiate clinical development for cryptococcal meningitis in mid-2015. Additionally, this financing will provide resources to advance a new lead series for other invasive fungal infections, while also fully exploiting the power of our Metallophile® platform to discover, optimize and develop novel compounds for a multitude of additional therapeutic indications.”
Robert Ingram, who will assume the role of Chairman upon joining the Viamet Board of Directors, noted, “Viamet is engaged in an area of important unmet medical need – the discovery of novel agents to treat fungal infections, which are an increasingly problematic concern to the medical community, and include a broad range of indications. Viamet is one of the few companies squarely focused on this large commercial opportunity with a novel technology platform and a proven ability to generate multiple clinical candidates spanning a range of antifungal indications. It is a pleasure to join Viamet’s Board of Directors, and I look forward to working with Bob and the team to fully realize the potential of the company’s programs and technology platform.”
Kelly Martin and John Given, co-founders of Brandon Point, stated, “On behalf of Brandon Point, we are looking forward to working with and supporting the Viamet executive team and organization as well as complementing their current investors. The company’s unique technology has broad applications, well beyond the programs currently in development. Through our collective and multi-faceted industry experiences housed within Brandon Point, we look forward to providing relevant guidance that would assist in further crystalizing the company’s prospective strategy and realizing its full potential. We will work closely with Bob and his team in helping to achieve long term and repeatable successes.”
Concurrent with the closing of the Series D financing, Viamet also announced that it will be spinning out its prostate cancer program to its existing investors as an independent company, to be named Innocrin Pharmaceuticals (Innocrin). Innocrin will be led by William Moore, PhD, who formerly served as Chief Scientific Officer of Viamet. Innocrin is currently studying its oral clinical-stage asset, VT-464, a novel dual lyase-selective CYP-17 inhibitor and androgen receptor antagonist, in multiple Phase 2 castration-resistant prostate cancer studies.
About Viamet Pharmaceuticals (www.viamet.com)
Viamet is a biopharmaceutical company focused on the discovery, development and commercialization of novel antifungal agents based on its proprietary metalloenzyme medicinal chemistry platform, the Metallophile® Technology. Metalloenzymes are enzymes that contain a metal, such as iron, zinc or copper, which is linked to the enzyme’s protein component. Drugs based upon this platform are expected to have greater selectivity, fewer side effects and improved potency compared to currently available antifungal agents. The company’s lead product candidate, VT-1161, is an oral agent in Phase 2b development for the treatment of recurrent vulvovaginal candidiasis, or RVVC, a highly prevalent mucosal infection for which there are no approved therapies in the United States, and onychomycosis, a very common fungal infection of the nail for which current treatments are suboptimal with respect to safety, tolerability and efficacy. Additional product candidates in preclinical development include VT-1129, which is targeted for the treatment of cryptococcal meningitis, and VT-1598 and related analogues, which are targeted for the treatment of invasive fungal infections.
This press release includes forward-looking statements. Actual results may vary materially from these statements. There are many important risks affecting Viamet’s business, VT-1161 and VT-1129, including that clinical trials may not be commenced, or if commenced, may not be successful, regulatory approvals may not be obtained and approved products, if any, may not achieve commercial success.
SOURCE: Viamet Pharmaceuticals
Viamet Pharmaceuticals, Inc.
Richard Katz, M.D., Chief Business and Financial Officer
Telephone: +919.467.8539 ext. 316
