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Biotechnology industries

Phylogix Secures $12 Million in Series B Financing to Advance Lectin-Based Therapeutic Drugs

Strategic Insights

— 2 min read

Phylogix, a privately held biotechnology company, has secured $12 million in Series B financing to accelerate the development of its innovative class of lectin-based therapeutic drugs focused on tissue protection and oncology. This significant investment was led by top-tier venture capital firms, including Radius Ventures, Atlas Venture, Prospect Venture Partners, and Canaan Partners. Existing investors, the Biotechnology Value Fund and Maine's Small Enterprise Growth Fund, also participated in the round. In connection with the investment, prominent industry experts joined Phylogix's board of directors, bringing a wealth of experience in building early-stage biotechnology companies and developing therapeutic drugs.

Key Takeaways:

  • Phylogix received $12 million in Series B financing from top-tier venture capital firms, including Radius Ventures, Atlas Venture, Prospect Venture Partners, and Canaan Partners.
  • Existing investors, the Biotechnology Value Fund and Maine's Small Enterprise Growth Fund, also participated in the round.
  • In connection with the investment, four prominent industry experts joined Phylogix's board of directors: Daniel Lubin, managing partner at Radius Ventures; Jean-François Formela, M.D., senior partner at Atlas Venture; David Schnell, M.D., managing director at Prospect Venture Partners; and Seth Rudnick, M.D., general partner at Canaan Partners.
  • Phylogix also announced the appointment of George M. Milne, Jr., Ph.D., as chairman of the board of directors, a former Executive Vice President of Research and Development at Pfizer, Inc.
  • Dr. Milne brings significant experience in leading the growth of research divisions, with a five-fold increase in annual investment from $493 million in 1992 to $2.3 billion in 2000, and a more than doubling of the scientific staff to over 8,000.
  • Phylogix's lead drug candidate, FRIL, is in preclinical development and addresses a critical unmet need to protect cancer patients from the toxic side-effects of chemotherapy.

Statistics:

  • $12 million: Amount of Series B financing secured by Phylogix.
  • $2.1 billion: Committed capital managed by Atlas Venture.
  • $2.0 billion: Investment capital managed by Canaan Partners.
  • $600 million: Capital under management by Prospect Venture Partners.
  • $100 million: Committed capital managed by Radius Ventures (per fund).
  • 1992: Initial annual investment by Pfizer, Inc., under Dr. Milne's leadership ($493 million).
  • 2000: Annual investment by Pfizer, Inc., under Dr. Milne's leadership ($2.3 billion).
  • 8,000: Scientific staff at Pfizer, Inc., under Dr. Milne's leadership.

Sources:

  • Phylogix, Inc.
  • Atlas Venture
  • Canaan Partners
  • Prospect Venture Partners
  • Radius Ventures
  • Small Enterprise Growth Fund
  • PRNewswire
  • Phylogix, Inc. press release, dated March 9

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