Viamet Pharma tops off Series A at $6.25M

Dow Jones VentureWire
11.03.08

Viamet Pharma tops off Series A at $6.25M

Infectious disease treatment developer Viamet Pharmaceuticals Inc. has raised a total of $6.25 million in Series A funding after closing a second tranche of the round in August.

The new fund-raising was first disclosed in a Form D filing received by the Securities and Exchange Commission on Aug. 27. Viamet announced in June 2007 that it had raised $4 million toward the round from co-lead investors Hatteras Venture Partners and Intersouth Partners. Other investors listed on the new SEC filing include Astellas Venture Fund and Lurie Investments. The Series A round closed on Aug. 12, according to Intersouth General Partner and Viamet Chairman Garheng Kong.

The second Series A tranche was related to certain undisclosed milestones, Hatteras General Partner and Viamet board director Doug Reed said. The entire Series A was completed at the same undisclosed valuation, he said.

Astellas Venture Fund, a venture investment arm operating on behalf of Tokyo-based Astellas Pharma, made this investment as part of its focus on companies with strong technology platforms that reflect its parent company's interests, Astellas Venture Management President and Chief Executive Yoshitaka Yoneyama said. The investment provides potential opportunity for future license deals, said Yoneyama, though there are no specific requirements as part of the investment. Yoneyama will serve as an observer to Viamet's board.

Durham, N.C.-based Viamet is developing small molecule inhibitors of metalloenzymes, with the goal of stopping cells from using metal ions. The company's treatments are targeted at infectious disease, inflammation and oncology. More details of the company's pipeline have not been released, as the company has chosen to remain mostly stealthy in its current stage.

Kong said the company's progress has been positive, including the establishment of its own offices in Durham, N.C., and additions to its executive management team.

"The company is doing very well," Kong said. "Early on it was sort of a paradigm concept, and now they've synthesized the compounds to prove it out."