melinta logoNEW HAVEN: Inside investors have reportedly agreed to pony up another $50 million for Melinta Therapeutics, Inc. [NASDAQ:MLNT], a commercial-stage biotech ] in what will be between $75 and $110 million in a public offering.

The public offering is priced at $5.00 per share, before underwriting discounts and commissions. 

The size of the offering was increased from $75 to $110 million and, the underwriters have a 30-day option to purchase up to an additional 2,640,000 shares of common stock from Melinta on the same terms and conditions. The company’s stock closed at $5.30 per share on May 23, 2018, with a market cap of $166

million.

rtheti logoBRANFORD: Thetis Pharmaceuticals announced the receipt of a Fast-Track Small Business Innovation Research (SBIR) Grant from the National Institutes of Health (NIH) worth up to $1.9 million.

The award is to support development of Thetis’ TP-252 drug candidate an oral therapy for ulcerative colitis, a chronic, relapsing inflammatory gastrointestinal disorder which according to the company affects 800,000 patients in the U.S. and nearly 5 million worldwide.

During the last 9 months, Thetis has received two Fast Track SBIR awards providing more than $4 million to fund development of its IBD pipeline. This past November the NIH issued an SBIR award provides up to $2.3 million to support development of Thetis’ TP-317 candidate as oral therapy for treatment of ulcerative colitis.

biohavenNEW HAVEN: Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN), the clinical stage biopharmaceutical company headquartered in downtown has reported its first quarter results financial and clinical results.

Vlad Coric, M.D., CEO reported that two of the company’s development drugs for migraine headaches are advancing in or toward clinical trials. He also announced that a trial for a treatment of Alzheimer's disease will begin in the second quarter.

The company restructured its agreement with Bristol-Myers Squibb (BMS) – with they company paying BMS an upfront payment of $50 million in return for a low single digit reduction in royalties payable on net sales of rimegepant and a mid-single digit reduction in royalties payable on net sales of BHV-3500.

Screen Shot 2018 05 08 at 11.42.32 AM

Melinta Gets Investment To Fight "Superbugs" - See Report

NEW HAVEN: Melinta Therapeutics, Inc. [Nasdq:MLNT], a commercial-stage company developing and commercializing “novel” antibiotics” has entered into a partnership with CARB-X, under which Melinta will be awarded up to $6.2 million to support the development of the company’s investigational pyrrolocytosine compounds.

CARB-X of Boston, MA, was launched in August 2016 to “accelerate pre-clinical product development in the area of antibiotic-resistant infections” which the company calls, “one of the world’s greatest health threats.”

azitraFARMINGTON: Azitra Inc. a research stage biotech has raised $2.15 million in convertible debt financing to support advancement of the company’s pipeline of dermatology and skin care products.

The financing was led by new investor Connecticut Innovations, and existing investor Bios Partners of Fort Worth, TX, KdT Ventures of Asheville, NC, joined the syndicate. The new financing brings the total raised to date to $5.4 million.

Travis Whitfill the company’s Chief Scientific Officer is an Associate Research Scientist in Pediatrics at Yale University School of Medicine and a partner at Bios.

deshpande pruitt
Achillion's CEO Deshpande [l] Out, Truitt COO Gets Upgraded to CEO.

NEW HAVEN: Achillion Pharmaceuticals [Nasdaq” ACHN] CEO Millind Deshpande is retiring and is being replaced by Joseph Truitt. Truitt had been named president and COO earlier in the year as the company reduced its 70 employee workforce by 20% in response to larger than expected losses.

Truitt takes the helm from his position running business development, as the company has to turn its research and clinical results in its complement factor D drugs into commercial deals and developments.

Deshpande, Business New Haven’s Business Person of the Year in 2015 had run research at the company and during his tenure the company transformed from an infectious disease company that was first established to combat Aids in 2000.

rally
Fryer, Mackay, Fryer, all former Alexion executives

FARMINGTON: Rallybio, LLC, was established to identify and accelerate the development of transformative breakthrough therapies for rare disease, has raised $37.0 million in Series A funding.

5AM Ventures, Canaan Partners, and New Leaf Venture Partners led the financing, with additional public-sector participation from Connecticut Innovations.

Rallybio was co-founded in January of this year by Martin Mackay, PhD, Stephen Uden, MD, and Jeffrey Fryer, CPA.