US clinical stage company Vedanta Biosciences has raised $27 million in a Series C financing round to help it advance its pipeline of microbiome-derived product candidates.
Bill & Melinda Gates Foundation, Bristol-Myers Squibb, Rock Springs Capital, Invesco Asset Management, Seventure Partners, and the company’s founder PureTech Health took part in the new investment round.
Vedanta Biosciences will use the proceeds from the Series C financing for the funding of a phase 1/2 trial of VE416 in food allergy, a phase 1b/2 trial of VE800 and Opdivo (nivolumab) in advanced or metastatic cancers, and the recently launched phase 2 trial of VE303 in recurrent Clostridium difficile infection (rCDI).
Bernat Olle – Co-founder and CEO of Vedanta Biosciences said: “We are pleased to have the support of our new and existing investors as we continue to build on our leadership position in the microbiome field.
“We have demonstrated that rationally-defined bacterial consortia as a new drug modality can be safe, well-tolerated, and have favorable pharmacokinetics and pharmacodynamics in humans. These new funds, together with our partnerships with Janssen and Bristol-Myers Squibb, will help us advance four programs to clinical endpoints in recurrent C. difficile infection, food allergy, IBD, and several cancer indications.”
Earlier this month, Vedanta Biosciences entered into a clinical trial collaboration with Bristol-Myers Squibb to evaluate the latter’s programmed death-1 (PD-1) immune checkpoint inhibitor Opdivo (nivolumab) in combination with the former’s VE800 in patients with advanced or metastatic cancers.
In late November, Vedanta Biosciences launched a phase 1 clinical trial for VE202, its orally-administered, live biotherapeutic product (LBP) candidate for inflammatory bowel disease (IBD) in healthy volunteers.
The early-stage trial is being carried out by Janssen Research & Development. In conjunction with the launch of the phase 1 study, Vedanta Biosciences will be paid $12 million from Janssen in the form of milestone payments as part of an existing collaboration that has development and commercialization milestone payments of up to $339 million along with royalty payments.