Spyryx Biosciences, Inc, has raised $18 million in financing, which will be used to develop therapies to treat respiratory conditions including cystic fibrosis (CF) and chronic obstructive pulmonary disease (COPD). The funding was secured through deals with Canaan Partners, Hatteras Venture Partners, and 5AM Ventures. A Cystic Fibrosis News Today report notes that Spyryx was established in 2013 after investigator Robert Tarran, who founded the company, made significant research findings.
Tarran states, “Currently, there is no cure for CF or COPD. We hope that we can use this funding to translate our laboratory findings into treatments for both of these diseases. We gratefully acknowledge key funding from the NIH and the North Carolina Biotechnology Center, which has enabled us to get to this point.”
The Cystic Fibrosis News Today report indicates that as a result of the transaction, Spyryx plans to make several changes in corporate leadership as the company expects new investors to support their mission. Tim Shannon, MD, a general partner of new investor Canaan, will now serve as chairman of Spyryx’s board of directors, while Christy Shaffer, managing director of Hatteras Discovery, and Brian Daniels, MD, venture partner of 5AM, will also be included as new members of the board.
John Taylor, president and CEO of Spyryx, says, “We are excited to have raised this robust Series A funding and to have gained the support of world-class investment funds such as Canaan, Hatteras and 5AM. The financial strength this money brings to the Company and the significant expertise each of these funds has in pulmonary drug development ideally positions Spyryx to rapidly advance our CF therapeutic into clinical development and to explore the potential for treating COPD.”
Taylor adds, “I welcome our new board members to the Spyryx team and look forward to working closely with Dr. Shannon, Dr. Shaffer and Dr. Daniels to achieve our mission of delivering disease-modifying therapies for devastating pulmonary diseases.”
Shannon says, “Dr. Tarran and the team at Spyryx have developed strong data supporting their novel approach for restoring a normal mechanism for fluid regulation, and because it has the potential to treat all CF patients, it was a very compelling investment opportunity.” Shannon adds, “We believe the Company has a strong future ahead as it moves toward clinical validation of this therapeutic approach in a truly devastating genetic disease like CF, and perhaps beyond.”
Source: Cystic Fibrosis News Today