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Monday, Jul 22, 2024

Amplyx Pharmaceuticals Raises $67 Million

Amplyx Pharmaceuticals Inc., a local drugmaker led by biotech industry veterans, has raised $67 million as part of an equity round led by Menlo Park-based Sofinnova Venture Partners.

The round also includes new investors Lundbeckfonden Ventures, Arix Bioscience, and Pappas Capital. Existing investors also joined the round, including New Enterprise Associates, RiverVest Venture Partners, 3×5 RiverVest II, and BioMed Ventures.

As part of the deal, Dr. Anand Mehra, managing partner at Sofinnova, will join the board at Amplyx. Johan Kördel, a senior partner at Lundbeckfonden Ventures, will also join the board.

The capital comes from 26 investors, with the first sale of stock sold on July 14 of this year. According to the filing, the company intends to raise $26.7 million more, bringing the total raise to $66.7 million. Amplyx indicated that the offering would last more than one year.

Amplyx is making a medicine to treat life-threatening fungal infections, which are often contracted in hospitals. The company was originally led by Mike Grey, a longtime biotech executive and investor in San Diego. Although Grey still serves as executive chairman, he handed the CEO reins to Ciara Kennedy earlier this year. Kennedy previously served as chief operating officer at Amplyx, and also has a long history in life science leadership.

“The strong interest from such high-quality investors further validates our confidence in the potential of our lead drug candidate to combat deadly fungal infections, which pose a serious risk to patients (with compromised immune systems),” Kennedy said in a statement. “Our new investors understand the critical unmet medical need and share Amplyx’s vision of accelerating the development of new treatment options for patients who are faced with these life-threatening infections.”

Amplyx will use the new money to advance the clinical development of APX001, the company’s antifungal agent.

“We have been impressed with Amplyx’s rapid progress and believe the company has a talented and committed team in place to develop this critical asset to reach patients and the market quickly,” Mehra said in a statement. “We look forward to working with Amplyx as they move APX001 into the next phase of development.”

Amplyx has already raised $51.5 million in venture capital and received more than $10 million in grants from the National Institutes of Health.


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