Presidio rounds up $27M for clinical studies

With help from new investor New Leaf Venture Partners, Presidio Pharmaceuticals has closed a $27 million financing, bringing the company's total amount of funds raised to $54.5 million.

Existing investors Panorama Capital, Baker Brothers Investments, Ventures West Capital, Bay City Capital, Nexus Medical Partners and Sagamore BioVentures also participated. Presidio said it will use the money to advance HCV NS5A through clinical studies, and to support the development of other programs in the pipeline.

"I'm very pleased with the support we've received from our investors during the challenging financing environment for the biotechnology sector," commented Omar Haffar, Presidio's President and CEO. "I'm also very pleased that New Leaf Venture Partners decided to join the investor syndicate which underscores the significant progress the Company has made in building value for our investors over the three years since our founding."

This has been a banner week for funding announcements. Intellikine [1], iZumi Bio [2], NanoBio [3], Viamet [4], Zosano Pharma, [5] and Allostera Pharma [6] all revealed substantial VC rounds. This latest investement in Presidio is more proof that strong biotechs are able to not only survive but thrive in a tough market.

Related Article:
Presidio pockets $26M in second VC round [7]
Top 20 venture capital deals of 2008 [8]