Harvard startup launches with $22M Series A financing to develop novel macrolide antibiotics
March 04, 2015 08:00 AM Eastern Standard Time
NEWTON, Mass.--(BUSINESS WIRE)--Macrolide Pharmaceuticals, a new company with groundbreaking technology to develop novel antibiotics, completed a Series A financing of $22 million led by Novartis Venture Fund, Gurnet Point Capital, Roche Ventures, and SROne. The financing follows a worldwide license agreement between Harvard's Office of Technology Development and the company, providing exclusive rights to the technology.
Proceeds of the financing will enable Macrolide Pharmaceuticals to expand its proprietary drug discovery platform and accelerate the development of a pipeline of novel antibiotics.
"Andy Myers and I are excited to apply this new technology to a highly effective and safe class of antibiotics, the macrolides, where we already have encouraging data in gram-positive and gram-negative species," said Dr. Lawrence Miller, co-founder of Macrolide. "We believe that we can use this technology platform to develop multiple antibiotic products. We're delighted to work with a superb group of sophisticated, highly experienced investors in this endeavor."