Company Developing Iron Chelator Completes Equity Financing & Signs Agreement with Novartis
October 22, 2013 – Sideris Pharmaceuticals, Inc., privately held biopharmaceutical company that is focused on development of therapeutics for the treatment of transfusion-related iron overload, made an announcement today which indicates forward movement in bringing a potential new iron chelating option to important clinical trials.
The company, which is developing the iron chelator designated as SP-420, has now successfully completed a $32 million Series A equity financing. (Series A financing is defined as “the first round of financing undergone for a new business venture after seed capital.”) At the same time, Sideis has entered into an agreement with Novartis Pharmaceuticals whereby Novartis has been granted an exclusive right to acquire Sideris and SP-420.
SP-420 is described as an orally active small molecule that selectively binds iron and removes it from the body. Sideris states that in animal studies, SP-420 has shown excellent tissue penetration, highly efficient iron binding and a promising safety profile.
“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.
The company believes that 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 2 clinical study in transfusion related iron overload.
To sum up: the company believes that the combination of this crucial financing and the agreement with Novartis will speed up the process to clinical trials – and, if the drug proves effective, eventually to the marketplace.