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.

Alexion logo colorBy Mitchell Young

NEW HAVEN: Alexion Pharmaceuticals Inc. [Nasdaq: Alxn] stock has finally broken out of its doldrums driven by good earnings and a positive clinical trial result. Investors Business Daily and other media outlets said the stock “rocketed,” as it went from $106 to $122 per share in two days.

Only a week earlier investors seemed willing to abandon the company, dumping the stock in response to reporting that Brazil was no longer going to recognize its patent, for flagship drug Soliris.

Even as the company offered that the report was inaccurate and that the Brazilian market was a minor contributor to the company, the stock retreated to the bottom of its six month range.

wilsonBy Mitchell Young

NEW HAVEN: Alexion Pharmaceuticals, Inc. [NASDAQ:ALXN] is acquiring Wilson Therapeutics AB (publ) for $855 million, in an all cash transaction. Wilson Therapeutics is a biopharmaceutical company, based in Stockholm, Sweden, that develops “novel therapies for patients with rare copper-mediated disorders.“

The offer represents a premium of 89 percent over the 90-day volume-weighted average of Wilson's shares [NASDAQStockholm:WTX)]. Alexion's board unanimously approved the purchase offer, and Wilson’s board recommended shareholders accept it.

Alexion has added four new directors, three with significant bioscience backgrounds in the past six months. A unanimous vote likely assumes approval of the purchase by activist investor Elliot Management. Elliot had previously raised issues about the management and board of the company. Elliot has since praised the new director picks and had some direct involvement in at least one new board member..

arvinas largeNEW HAVEN: The privately owned and venture financed Arvinas LLC, has raised $55 million Series C financing for development of drugs to address prostate and breast cancers.

The financing was led by new investor Nextech Invest,of Zurich, Switzwerland with participation from additional new investors Deerfield Management, NY Hillhouse Capital, and Sirona Capital, of West Perth, Austrailia. The company’s xisting investors also participated in this financing round, including Canaan Partners, 5AM Ventures, RA Capital Management, OrbiMed, and New Leaf Venture Partners.