Sideris Secures $32 Million, Could be Acquired by Novartis for $300 Million
Sideris Pharmaceuticals, Inc., recently announced it has successfully completed a $32-million Series A equity financing. This investment was led by MPM Capital, including MPM’s SunStates Fund. Also participating in this financing were Hatteras Venture Partners and Osage University Partners. Alongside the equity financing, Sideris entered into an agreement with Novartis Pharmaceuticals whereby Novartis has been granted an exclusive right to acquire Sideris and its lead asset, the iron-chelating candidate SP-420. Including upfront, acquisition, and milestone payments, the agreement with Novartis could reach up to $300 million.
“The novel iron chelator SP-420 articulates our best efforts in drug discovery and development for transfusional iron overload diseases. We are very enthusiastic that the Sideris team will be moving this forward and equally excited for the patients. I will always remain indebted to the National Institute of Diabetes and Digestive and Kidney Diseases, to the University of Florida, and to my coworkers for their tireless efforts over the years,” said Prof. Raymond Bergeron, Sideris Founder and Distinguished Professor Emeritus, University of Florida.
“We believe that SP-420 has the potential to be the best-in-class therapeutic approach for the treatment of transfusion-related iron overload,” added Thomas Neenan, PhD, Sideris Founder and Chief Technology Officer.
The combination of the Novartis agreement and the closing of the Series A financing will allow Sideris to advance the SP-420 program through a large Phase II clinical study in transfusion-related iron overload.
“Thanks to this investment, this drug candidate will have a faster path to clinical trials,” said David L. Day, University of Florida Office of Technology Licensing Director. “This is part of our mission to move UF inventors’ technologies into the market, where they improve patients’ quality of life and make the world a better place.”
SP-420 is an orally active small molecule that selectively binds iron and removes it from the body. In animal studies, SP-420 has shown excellent tissue penetration, highly efficient iron binding, and a promising safety profile. SP-420 is covered by an issued patent that has been exclusively licensed to Sideris.
Sideris Pharmaceuticals Inc. is a privately held biopharmaceutical company focused on the development of therapeutics for the treatment of transfusion-related iron overload. The company’s operations include facilities in Boston, MA, and in Gainesville, FL. For more information, please visit www.siderispharmaceuticals.com.
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