Revagenix, Inc. Announces Series B Financing to Develop Novel Antibiotics and Additions to its Board of Directors

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Jan 05, 2024, 09:00 ET

Tenmile and Novo Holdings are core investors
Cristina Larkin, Bruce Montgomery, and Michael Lamprecht to join the Board of Directors
Revagenix, Inc. is advancing a focused pipeline of antibiotic programs designed to treat infections caused by multidrug-resistant organisms

SAN FRANCISCO, Jan. 5, 2024 /PRNewswire/ -- Revagenix, Inc., a biopharmaceutical company dedicated to the discovery and development of novel antibiotics, today announced the appointment of Cristina Larkin, Bruce Montgomery, MD, and Michael Lamprecht, PhD, to its board of directors in conjunction with closing its Series B funding round from core investors Tenmile and Novo Holdings. Ryan Cirz, PhD, Chief Executive Officer and director, highlighted these developments as important milestones in the growth of the Company that will enable its mission of creating life-changing antibiotics through scientific innovation and strategic leadership.

"Antibiotic resistance represents one of the most significant public health crises of our time and is a major unmet medical need for patients with drug-resistant infections," Dr. Cirz said. "We are pleased and honored to have our new directors join the Revagenix board. These additions will bolster and complement our leadership team's extensive experience in anti-infectives to address the scientific and commercial challenges in the field." Revagenix's executive team is rounded out by Chief Operating Officer and director Andrew McCandlish, PhD, Vice President of Pharmaceutical Development Mick Hurrey, PhD, and Vice President of Development Daniel Cloutier, PharmD. The Company's board is chaired by Tina Marriott, President and Chief Operating Officer of Recursion.

Tenmile managing director Steve Burnell, PhD said Revagenix represented a beacon of hope in the fight against antibiotic resistance. "Our decision to lead the Series B financing is a testament to our belief in the Company's vision and the potential of its innovative antibiotic programs," Dr. Burnell said. "We are confident that Revagenix, with its strong leadership and focused approach, is well-positioned to bring critical solutions to a global health challenge."

The Series B financing complements ongoing funding from two product development contracts with the National Institute of Allergy and Infectious Diseases (NIAID). Revagenix Chief Operating Officer and director Andrew McCandlish, PhD, emphasized the importance of public and private support for the field. "The recent financing, in conjunction with our ongoing collaborations with NIAID, positions us to advance multiple home-grown programs with substantive differentiation into the clinic," Dr. McCandlish said. "This continued partnership with NIAID is crucial in the current market environment, providing essential support for our antibiotic research and development programs."

As part of this transition, two former directors, Andrew Calabrese and Aleks Engel will step down from the board. Ryan Cirz said, "Andrew was one of the Company's original founders and a critical part of the team as we worked to navigate the Company's formation in 2019, including completing the first financing and initiating R&D activities in 2020 during the COVID-19 pandemic. We are forever grateful for Andrew's contributions and would not be where we are today without him. Aleks was the first investor to believe in the mission and vision for how Revagenix would navigate one of the most challenging financial environments in biotech today, and we thank him for that endorsement and look forward to proving him right."

Novo Holdings partner Aleks Engel said that from the onset, Novo Holdings recognized the transformative potential of Revagenix in addressing the urgent need for effective antibiotics. "Our continued support reflects our confidence in the Company's strategic direction and the deep expertise of its team. We are particularly pleased that Bruce Montgomery, MD, with his deep scientific and executive experience in the development and commercialization of antibiotics, will continue to represent Novo Holdings on the board. Dr. Montgomery's expertise is invaluable to our shared vision. We are proud to be part of Revagenix's journey and eagerly anticipate the impactful innovations they are poised to bring to the healthcare sector."

"With the support of its investors, partners, and the strengthened capabilities of its leadership team, the Company is well-positioned to address the complex challenges in the development of new antibiotic therapies. We are excited to share our story more in depth in the future. First, we need to get back to work—patients are counting on us," said Dr. Cirz.

About Revagenix

Revagenix is dedicated to creating life-changing antibiotics, providing urgently needed anti-infective medicines to patients globally. We are advancing a focused pipeline designed to treat infections caused by multidrug-resistant organisms. The team—composed of seasoned industry experts, and augmented by a world-class network of strategic collaborators, partners, investors, and advisors—leverages extensive experience in anti-infective research, development, and commercialization. Together, we are developing the next generation of antibiotics to address the critical need for new treatments in the face of increasing antibiotic resistance. Learn more about our mission and work at www.revagenix.com.

SOURCE Novo Holdings