PRINCETON, N.J., Jan. 03, 2019 (GLOBE NEWSWIRE) -- Vyome Therapeutics Inc., a clinical-stage specialty pharmaceutical company developing novel medicines for treating skin diseases caused by resistant microbes, today announced the closing of a $22 million financing. Vyome Therapeutics Inc. will primarily use the funds to advance its lead molecule, VB 1953, through phase 2 studies for treatment of moderate to severe acne and for operations. Part of the funds raised are used for facilitating a secondary transaction.
"The closing of Vyome's Series D 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 center of operations and headquarters in the United States through a corporate restructuring exercise," said Venkateswarlu Nelabhotla (Venkat), chief executive officer of Vyome Therapeutics. "We see this investment as validation of Vyome's innovative approach to efficient specialty pharmaceutical development and the ability of the company's scientific platform to help solve the problem of microbial resistance in dermatology."
The financing was led by Iron Pillar, a venture growth investment fund with locations in Palo Alto and Mumbai. Existing investors, including Perceptive Advisors, Romulus Capital and Kalaari Capital also participated in this round. Concomitant with the investment, Mohanjit Jolly, representing Iron Pillar, and Krishna K. Gupta, representing Romulus Capital, will both join Vyome's board of directors. Following completion of Vyome's corporate restructuring, Chris Garabedian has been elevated from director of the Board to executive chairman.
Mohanjit Jolly, Partner at Iron Pillar, added, "We are thrilled to partner with Vyome and cement our long-standing relationship with the co-founders. This investment fits well with Iron Pillar’s approach of backing visionary entrepreneurs, together with patented platform technologies and products that have the potential to leapfrog the current market. Our advisors, who are dermatology experts in the U.S., are very encouraged by the early clinical efficacy and safety data from studies of VB 1953, and the depth and quality of science around the novel mechanism. We look forward to leveraging our cross-border network and U.S. capital markets experience to support Vyome as it seeks to establish itself as a leading specialty pharmaceuticals company."
About Vyome Therapeutics
Vyome Therapeutics is a clinical stage specialty pharmaceutical company, developing a deep pipeline of novel drugs for treatment of drug-resistant skin pathogens, including antibiotics-resistant P. acnes. The company’s lead drug candidate, VB 1953, will enter phase 2b a clinical trial in the first quarter of 2019. VB 1953 is a topical treatment for antibiotic-resistant acne, which is currently an emerging and unmet need with a potential $2B market opportunity in the US alone. Vyome has a deep pipeline of preclinical new chemical entities, based on its patented Dual Action Rational Therapeutics (DARTs) technology, which are unique in their ability to overcome antimicrobial resistance. Vyome has developed clinically validated antifungal products based on its innovative and patented technology platform Molecular Replacement Therapeutics (MRT™), a platform for which Vyome has recently signed an out-licensing deal of marketing rights with a large specialty pharmaceutical company. Vyome has assembled a world-class team of scientific and business development experts who have a track record of conducting scientific research, developing breakthrough products and building sustainable businesses. More information is available at http://www.vyometx.com and @VyomeTx.
About Iron Pillar
Iron Pillar is a venture growth investor specializing in mid stage technology companies in India and the U.S.-India corridor. Iron Pillar provides growth capital to proven businesses, focusing on Series B, C and D capital raises, as lead investors. The 6-member Iron Pillar founding team brings 120 years of combined experience with directly relevant skill sets in venture investing, M&A/IPOs/Exits, operations and technology, and complemented by a renowned panel of global advisors. We leverage our collective experience and networks in the U.S., India, China and Europe to actively partner with entrepreneurs who are poised to scale their technology businesses. Additional information is available at https://ironpillarfund.com.
About VB 1953
Vyome's lead molecule, VB 1953, is a first-in-class topical bactericidal antibiotic candidate with a novel mechanism of action that includes inflammation reducing capabilities as well as the demonstrated ability to treat antibiotic resistant P. acnes strains and currently, a US phase 2b clinical trial is being initiated. In preclinical studies, VB 1953 is active against clindamycin-resistant P. acnes bacteria, has a low emergence of resistance and reduces inflammation. VB 1953 is delivered with a microtechnology gel system that ensures the drug is retained at the site of infection and minimizes systemic exposure. Antibacterial-resistant P.acnes is currently an emerging and unmet need with a potential $2B market opportunity in the US alone.
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