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Financing › Details

Sorriso Pharmaceuticals–SEVERAL: investment, 202112 financing round Series A $31m co-led by NEA + Arix Bioscience plc

 

Period Period 2021-12-22
Organisations Money taker Sorriso Pharmaceuticals Inc.
  Money source SEVERAL
Products Product SOR102 (Sorriso Pharmaceuticals)
  Product 2 venture capital
Persons Person Mathers, Edward T. (Ed) (New Enterprise Associates 200808– before MedImmune)
  Person 2 Chin, Mark (Arix Bioscience 201705)
     

Sorriso Pharmaceuticals, Inc.. (12/22/21). "Press Release: Sorriso Pharmaceuticals Launches with $31 Million to Develop Novel Class of Orally Delivered Cytokine Antibodies to Treat Inflammatory Conditions". Salt Lake City, UT.

Series A Financing Funds Multiple Programs to Phase 1 and IND stage


Sorriso Pharmaceuticals, a company focused on transforming anti-inflammatory antibody therapy, today announced the company has closed on a $31 million Series A financing. The round was co-led by New Enterprise Associates (NEA), and Arix Bioscience plc. The new funding will be used to advance its pipeline of novel oral antibodies to address unmet needs in immune-mediated diseases.

Sorriso Pharmaceuticals is a biotechnology company advancing a pipeline of disease-modifying antibodies for the treatment of inflammatory disease, including Crohn's disease and ulcerative colitis. The Sorriso platform generates potent antibodies that can be delivered orally and are designed to maintain activity throughout the intestinal system. The lead program is SOR102, in development for the treatment of inflammatory bowel disease (IBD). SOR102 simultaneously inhibits TNFa and IL-23, two clinically validated drivers of IBD. This unique approach combines the strong clinical impact of injectable antibody therapeutics with the benefits of oral administration, resulting in targeted activity, negligible systemic exposure, and minimal immunogenicity. "Current systemic IBD therapies are suboptimal and have a greater risk of immunosuppression," said Ciara Kennedy, president, and CEO of Sorriso Pharmaceuticals. "SOR102 has the potential to transform IBD therapy with minimal systemic exposure."

In association with the financing, Ed Mathers, general partner at NEA, and Mark Chin, managing director at Arix Bioscience have been appointed to Sorriso's board of directors.

"We are excited to partner with Sorriso's experienced, dedicated management team to support their future growth plans," said Ed Mathers. "Sorriso is developing a promising new platform for orally available biological treatments with the potential to significantly relieve treatment burden for countless patients who rely on drugs that can only be administered via injection."


About NEA

New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's life cycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 250 portfolio company IPOs and more than 425 mergers and acquisitions. www.nea.com.


About Arix Bioscience

Arix Bioscience plc is a global venture capital company focused on investing in and building breakthrough biotech companies around cutting edge advances in life sciences. We collaborate with exceptional entrepreneurs and provide the capital, expertise and global networks to help accelerate their ideas into important new treatments for patients. As a listed company, we are able to bring this exciting growth phase of our industry to a broader range of investors. www.arixbioscience.com


For more information on Sorriso, please contact:
Sorriso Pharmaceuticals, Inc.
Info@sorrisopharma.com

   
Record changed: 2022-01-02

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