BRIEF—VectivBio closes $110 million crossover financing

Swiss clinical-stage biotech VectivBio has closed a $110 million crossover financing from new investors, with the aim of advancing its medicines for rare diseases.

The new investors are: Surveyor Capital (a Citadel company), Cormorant Capital and Eventide Asset Management, with participation from existing investors Versant Ventures, OrbiMed, Novo Holdings, BPI France, Tekla Healthcare Investors, Inserm Transfer Initiative and Cowen Healthcare Investments.

Proceeds from the financing will be used to support the Phase III program of VectivBio's lead investigational product, apraglutide, to treat short bowel syndrome (SBS), early commercialization activities and further development of the pipeline through business development initiatives.

Phase II studies of apraglutide demonstrated the potential for once-weekly dosing.

The drug was previously being developed by Therachon, but following its acquisition by Pfizer, was spun out into the new company, VectivBio.