Paratek funds Phase III launch with $40M in VC

Paratek Pharmaceuticals has closed the second tranche on its $40 million round of venture funding. The money allows the Boston-based developer to launch a Phase III trial of the experimental antibiotic PTK 0796. In a statement, the biotech says that it expects to release Phase II data at an appropriate forum later this year. Aisling Capital led the financing, with additional participation by new investors, the D.E. Shaw group and Boston Life Science Venture Corporation, and prior investors, Nomura Phase4 Ventures, Novartis BioVentures, BioFund Ventures, HBM BioVentures, Lombard Odier Darier Hentsch, BioVeda Fund and Hercules Technology Growth Capital.

"The second tranche of the financing was triggered by the successful completion and positive results of the Phase II clinical trials of oral and IV PTK 0796," says CEO Thomas Bigger. "The financing will be critical in advancing this program into Phase III, which we expect to initiate later this year."

- check out the press release