Targanta raises $70M in third venture round

Targanta Therapeutics has rounded up $70 million in its third round and will use much of that money to file its NDA for a new antibacterial therapy. Targanta expects to file the NDA in the second half of 2007 for its lead product, oritavancin, for the treatment of complicated skin and skin structure infections. In addition, the Series C will help fund new oritavancin clinical trials in pneumonia, bacteremia and single dose treatment for cSSSI. The financing was led by Brookside Capital, Skyline Ventures, Radius Ventures, and OrbiMed Advisors, and included existing investors Seaflower Ventures, VenGrowth Advanced Life Sciences Fund, and the Canadian Medical Discoveries Fund.

"With two successfully completed Phase 3 trials in cSSSI and a pre-NDA meeting with FDA behind us, this financing should greatly enhance our ability to file an NDA for oritavancin this year and prepare for a U.S. launch, if approval is received," said CEO Mark Leuchtenberger.

- check out the release on Targanta's round

ALSO: Germany's Immatics biotechnologies raised €40 million in its second round. Much of that will be used to fund two clinical trials for the company's cancer therapies. Report

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