Zavante Therapeutics, a late clinical-stage biopharmaceutical company based in San Diego, California, has closed a $45 million Series A financing, consisting of $35 million from new investors and $10 million from the conversion of outstanding convertible notes.
Proceeds from the financing will be used for the development of Zavant’s lead product candidate, ZTI-01 (fosfomycin for injection), an injectable antibiotic with a differentiated mechanism of action designed for use in the hospital setting. In the second quarter of 2016, Zavante plans to initiate the ZEUS Study, a single pivotal clinical trial for ZTI-01, a broad spectrum IV antibiotic under development to treat multidrug resistant (MDR) pathogens.
Frazier Healthcare Partners, Longitude Capital and Aisling Capital co-led the round. Patrick Heron, managing general partner of Frazier Healthcare Partners’ Life Sciences team, and David Hirsch, managing director and founder of Longitude Capital, will join Zavante’s board, while Andrew Schiff, managing partner of Aisling Capital, takes an observer seat.
Zavante’s board of directors include Cam Garner, Ted Schroeder, Heron and Hirsch.
In September 2014, the U.S. Food and Drug Administration (FDA) designated ZTI-01 as a Qualified Infectious Disease Product (QIDP) for the indication of complicated urinary tract infections (cUTI). The designation enables Zavante to benefit from certain incentives for the development of new antibiotics, including priority review, and a five-year extension of market exclusivity.