Sideris Pharmaceuticals Inc announced that it was able to close its Series A funding round with USD 32 million in investment funding. The round was led by MPM Capital together with its SunStates Fund. Hatteras Venture Partners and Osage University Partners also gave their support.
As part of the agreement, MPM Capital Managing Directors Ansbert Gadicke, MD and Kazumi Shiosaki, Phd would be joining the Board of Directors at Sideris. Hatteras Venture Partners General Partner Doug Reed, MD, would also be joining the Sideris board.
Sideris had also inked an agreement with Novartis Pharmaceuticals. The agreement granted Novartis the exclusive right to buy Sideris. The iron-chelating candidate of Sideris, SP-420, would also be included in the acquisition. The deal was estimated to be worth USD 300 million.
Proceeds from the Series A round and the agreement with Novartis would enable Sideris to proceed to a Phase 2 clinical study of its SP-420 program.Sideris Founder Prof. Raymond Bergeron said, "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."
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