News Article

Spring Bank Pharmaceuticals gets $4.2M fundraise
Date: Jan 28, 2013
Source: bizjournals ( click here to go to the source)

Featured firm in this article: Spring Bank Pharmaceuticals Inc of Milford, MA

Spring Bank Pharmaceuticals Inc. which is developing a new class of pharmaceuticals called small molecule nucleic acid hybrids "SMNH", has secured $4.2 million in funding of an $8 million offering.

Listed on forms filed with the U.S. Securities and Exchange Commission by biopharmaceutical company are Spring Bank executives Radhakrishnan Iyer, chief scientific officer and co-founder, and Douglas Jensen, president and co-founder. Listed as directors are Jonathon Bates, managing director of Altexa Inc.; Guy MacDonald, CEO and president of Tetraphase Pharmaceuticals; Michael Cronin, CFO of Spring Bank and Donald Mitchell, vice president of corporate development at Spring Bank.

The Milford, Mass.-based company in November completed the required Investigational New Drug (IND)-enabling studies for the development of SB 9200, an oral treatment against the Hepatitis C Virus (HCV) infection. Spring Bank said at that time that it plans to conduct a Phase I safety and antiviral efficacy study of SB 9200 in hepatitis c-infected patients in the first quarter of 2013.

Spring Bank received $600,000 in angel investment from a private investor in March 2009, according to the company's website. Four months later it recieved a $600,000 National Institutes of Health grant award to support the discovery and development of therapeutics for the treatment of Hepatitis B and hepatitis C infections.

Spring Bank Pharmaceuticals Inc. has received a grant of $244,000 under the US Government's Qualifying Therapeutic Discovery Project (QTDP), for its ongoing development SB9200, a novel treatment for hepatitis C and hepatitis B. Since its founding in 2002, SBP has built its technology platform and product pipeline with $12 million of non-dilutive NIH grants.