Stromedix Raises $25 Million

Stromedix Inc., a Cambridge, Mass.-based biotech company focused on therapies for fibrosis, has raised $25 million in Series B funding. New Leaf Venture Partners led the round, and was joined by Bessemer Venture Partners, Red Abbey Venture Partners and Series A backers Atlas Venture and Frazier Healthcare Ventures.

 

PRESS RELEASE

Stromedix, Inc., a biotechnology company focused on innovative therapies for fibrosis, announced today that it has raised $25 million in a Series B financing round led by New Leaf Venture Partners.


Other new investors are Bessemer Venture Partners and Red Abbey Venture Partners. Series A investors Atlas Venture and Frazier Healthcare Ventures also participated in the round.
In connection with the financing, Ron Hunt, a Managing Director of New Leaf Venture Partners, and Chris Gabrieli, a Partner of Bessemer Venture Partners, will join Stromedix' board of directors.

 

Earlier this year, Stromedix initiated a Phase 1 clinical trial of STX-100, the Company's lead drug candidate. STX-100 is a novel humanized monoclonal antibody licensed in 2007 from Biogen Idec, which is also a shareholder in the company. STX-100 targets integrin v 6 and exhibits significant anti-fibrotic activity in preclinical animal models of lung, kidney and liver disease. As a first indication, Stromedix is developing STX-100 for treatment of chronic allograft
dysfunction, a fibrotic condition that is a leading cause of graft loss in kidney transplant patients and for which there are no approved therapies. Stromedix believes that STX-100 may have broad therapeutic utility in settings where there is significant unmet medical need such as idiopathic pulmonary fibrosis, chronic kidney and liver disease, and cancer.


“Fibrosis is an important medical problem in many different diseases, and there are no current therapies to prevent, slow, or reverse the course of its progression,” said Ron Hunt. “Although the biology of fibrosis is increasingly well understood, this knowledge has not yet been translated into clinical benefit for
patients. Stromedix is putting the pieces in place do this, acquiring an exciting molecule from a leading biotech company, designing and implementing a creative clinical trial strategy to evaluate its therapeutic utility and assembling an outstanding management team to execute its plan.”


Stromedix is led by one of its founders, Michael Gilman, Ph.D., who was formerly Executive Vice President of Research at Biogen Idec. The company's senior management team also includes Daniel Lynch, Executive Chairman; Neil Kirby, Ph.D., Chief Development Officer; and Bradley Maroni, M.D., Chief Medical Officer. Together the team brings many years of innovative biotechnology development experience from companies such as Biogen Idec, Amgen, Vertex, ImClone Systems, TKT, and Genetics Institute.
One Canal Park, Suite 1120 Cambridge MA 02141
www.stromedix.com


“Stromedix has put together a fantastic team,” said BVP's Chris Gabrieli. “They are experienced, thoughtful and focused on addressing a problem that affects a huge number of lives. I am excited to be able to participate in building this
program and this company.”


“Stromedix is targeting a very exciting market opportunity for new therapeutics. It is one of the few disease areas with multi-billion dollar market potential that has no existing approved products and very few products in clinical development. We believe Stromedix will be a leader in this important field” said Peter Barrett, who represents Atlas Venture, as board member and founding investor of Stromedix.

“We are excited to welcome a high quality group of new investors to the strong investors who were involved in founding Stromedix,” said Michael Gilman. “We look forward to working with this outstanding syndicate to bring powerful new treatments to patients suffering from fibrotic organ failure.”