Google’s venture arm leads $51.7m investment in Spero Therapeutics
Spero Therapeutics, a biopharmaceutical firm engaged in the development of novel therapies to treat bacterial infections, has completed a $51.7m Series C preferred financing led by new investor GV (formerly Google Ventures).
The round includes participation by additional new investors RA Capital Management and Rock Springs Capital as well as existing investors.
Proceeds from the financing will be used to advance Spero’s unique pipeline of antibacterials focused on drug-resistant bacterial infections. Specifically, the additional funding will enable Spero to move additional pipeline programs such as SPR994 into the clinic and advance its Potentiator program into later stage clinical trials.
Spero president and CEO Ankit Mahadevia said: “We are grateful for the continued strong support from our existing investors as we welcome new partners who share our vision for building a multi-program approach to the major unmet need in drug-resistant bacterial infections.
“The financing provides us the necessary resources to execute our aggressive strategy to address this growing threat of multidrug-resistant bacteria, and we are proud to have earned the confidence of such well-respected partners in our efforts.”
GV general partner Krishna Yeshwant said: “Spero is working on one of the greatest unmet needs in medicine – developing antibacterial treatments for some of the most resistant infections patients today.
“The company has assembled a team with the proven ability to bring new antibacterials to the market, and has made remarkable progress in building a differentiated pipeline in a short period of time.”
The round included participation from existing investors including Atlas Venture, S.R. One, Limited, MRL Ventures Fund, Lundbeckfonden Ventures, The Kraft Group and Osage University Partners.
Source: Company Press Release