US-based PE firm 108 BioCapital commits USD 20-mn in Pinwheel Therapeutics

New Delhi, Feb 4 (PTI) US-based private equity firm 108 BioCapital has announced USD 20 million investment in Pinwheel Therapeutics, a clinical stage biopharmaceutical company.

The capital injection will accelerate the mid-stage (Phase 2b) clinical development of Ciraparantag, a small molecule manufactured by simple peptide chemistry, 108 BioCapital said in a statement.

Ciraparantag is being developed as a universal reversal option for emergency anticoagulation management in hospital and acute-care settings.

"This is our inaugural investment and represents a compelling next-generation, clinical-stage anticoagulant reversal opportunity. This fund is focused on targeting biotech and medtech companies addressing high impact, unmet medical needs with a clear emphasis on regulatory and commercial readiness," Sasha Bakhru, Managing Partner and CEO of 108 BioCapital, an Indian-American biotech entrepreneur, said.

108 BioCapital has completed its first close of USD 40 million and is funded by family office of Mike Bingle of Silverlake Partners; Claypond, the family office of Ranjan Pai, CMD of Manipal Group; Suresh Vazirani of Erba-TransAsia Group; and Siddharth Parekh, Founder of Paragon Partners among others. PTI SP TRB