Jan. 04, 2019 (Economic Times) -- Vyome Therapeutics, a biopharmaceutical company focused on developing dermatology products, has raised $22 million (about Rs 154 crore) in a fresh round of funding led by Mumbai-based venture growth fund Iron Pillar to expand its team and further invest in research and development.
Existing investors Perceptive Advisors, Romulus Capital and Kalaari Capital also participated in this round. Part of the funds are being used for a secondary transaction, the company said without elaborating.
Prior to this round, the Princeton New Jersey-based company had raised about $30 million from Perceptive Advisors, Romulus Capital, Kalaari Capital, Sabre Partners India, Aarin Capital, and Navam Capital.
Dermatological conditions are among the most common types of disorders globally and a majority of the market share is held by large pharmaceutical companies with established product lines. However, with the emergence of a number of startups which have proven clinical and commercial success along with a deep understanding of many dermatological conditions, there is a renewed investor interest in disruptive companies in this segment.
"Vyome's Series D raise comes at a transformational time for the company, as we prepare to initiate a phase 2b clinical trial with our lead candidate, VB 1953, and as we establish the centre of operations in the US," said Vyome Therapeutics CEO Venkateswarlu Nelabhotla. "Establishing a US company... and a robust talent pool will allow us to push our programmes forward with precision and efficiency."
Vyome Therapeutics, earlier known as Vyome Biosciences, was founded in 2010 by Shiladitya Sengupta, assistant professor of medicine at Harvard Medical School, and Venkateswarlu Nelabhotla, former CEO of Emami and president of Shantha Biotechnics.
The company's lead product, which targets the drug-resistant acne market, received approval of the US Food and Drug Administration for investigational drug discovery in January 2016.
The other product, DARTS, which is a broad spectrum of antibiotics for preventing resistance development in acne is in the preclinical phase. In February last year, Vyome signed an exclusive licensing and marketing partner in India with a large specialty pharma company around its patented molecular replacement therapeutics platform for the treatment of dandruff.
"Vyome is a unique US-India play addressing a large unmet need with products that can leapfrog the competition. We look forward to leveraging our cross-border network and our US capital markets experience to support Vyome as it seeks to establish itself as a leading life sciences technology company," said Mohanjit Jolly, a partner at Iron Pillar.
The global dermatological (prescription) drugs market was valued at $44.1 billion in 2018. GMR Data forecasts that this market will report a compound annual growth rate of 6.4% between 2018 and 2028.
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