Company to Advance Development of Novel Metalloenzyme Inhibitors and Proprietary Metallophile™ Technology Platform
Research Triangle Park, NC – Viamet Pharmaceuticals, Inc. announced today that it has secured $18 million in a Series B financing to accelerate the development of its novel metalloenzyme inhibitors and to advance its Metallophile™ Technology platform. The proprietary Metallophile™ Technology is based on Viamet’s world-class expertise in bioinorganic chemistry and metalloenzymes and allows Viamet to rapidly and cost-effectively generate “best-in-class”, novel compounds by optimizing the metal-binding component of existing metalloenzyme inhibitors. The investment was led by the Novartis Option Fund and Lilly Ventures and also included Viamet’s existing investors Intersouth Partners, Hatteras Venture Partners, Lurie Investment Fund, and Astellas Venture Management. As part of the closing of the financing, Lauren Silverman, Ph.D., Managing Director of the Novartis Option Fund and Ed Torres, Managing Director, Lilly Ventures, have joined Viamet’s board of directors.
“We are very pleased that the Novartis Option Fund and Lilly Ventures have elected to invest in Viamet. Their interest in our pipeline programs and Metallophile™ Technology is truly gratifying,” said Robert Schotzinger, M.D., Ph.D., President and Chief Executive Officer of Viamet. “Both the Novartis Option Fund and Lilly Ventures share a common vision with us and our current investors that the Metallophile™ Technology platform will significantly improve many existing inhibitors of key metalloenzymes through enhanced safety, efficacy and pharmacokinetics.”
Lauren Silverman, Ph.D. commented, “We believe that Viamet’s Metallophile™ Technology has the potential to dramatically improve the selectivity of existing metalloenzyme inhibitors leading to reduced off-target toxicities and improvements in the therapeutic index of this important class of drugs. The strength of the technology and team at Viamet was particularly attractive to us and we are excited to be part of their effort moving forward.”
Ed Torres added, “Metalloenzymes are well-recognized targets for therapeutic intervention. Viamet’s Metallophile™ Technology represents a paradigm shift that has the potential to deliver markedly improved inhibitors of this large and commercially validated class of enzymes. Lilly Ventures invests in companies with promising technologies that have the potential to generate multiple, “best-in-class” products and we believe that Viamet represents just such an opportunity.”