Mega biotech funding

UK-based biopharmaceutical company, RiboTargets has secured one of the largest biotech funding rounds of this year. The company has successfully completed its GBP32 million third round of funding. JP Morgan led the new financing round and was joined by another new investor OrbiMed Advisors. Existing investors also committing to this round included Apax Partners Funds, 3i, Advent Venture Partners, NIB Capital and Quester, all investors in the company since its formation.

The funds will be used to develop innovative anti-infective compounds into pre-clinical and clinical development; expand Ribotargets’ research activities into oncology; broaden and accelerate the company’s existing antibiotic and anti-viral programmes; and enhance its capabilities in X-ray crystallography. In addition, the capital will be used to recruit key staff, in particular those experienced in developing drugs successfully and bringing them to market.

Following the funding, the company has announced the appointment of four new executives to its senior management team including Harry Finch as director of research; Rod Hubbard as director of structural sciences; Ted Smith as director of human resources and Nigel Clark as business development manager.

Jeremy Reffin, director of Apax Partners who invested in the company along with Advent and 3i in 1997, said: “We have participated in all subsequent financing rounds and are delighted to be a very significant shareholder in a company that has outstanding potential and a proven track record of achievement.”