Durham-based Pappas Ventures, which focuses on life science investments and has $350 million under management, is putting more of that funding to work in a new funding deal.
Plus, a Pappas portfolio firm adds a former RTP exec to its management team.
The funding
Pappas, a previous investor, is among the players in a $17 million B round of financing for Canada-based Milestone Pharmaceuticals.
Milestone is developing a treatment for Paroxysmal Supraventricular Tachycardia (PSVT), a potentially debilitating cardiac arrhythmia. The treatment, which is a nasal formulation, is in Phase 2 clinical trial.
Domain Associates led the round. All of Milestone’s previous investors including Fonds de solidarité FTQ, Pappas Ventures, BDC Capital, GO Capital, and iNovia Capital, participated.
New executives
In other news,Pappas-backed Syndax Pharmaceuticals in Waltham, Mass., has a new CEO and a new COO.
The COO and also president is former Regado Biosciences CEO Michael Metzger. The Triangle-based firm merged with a California company earlier this year.
Briggs Morrison is the new CEO. Morrison had worked as an executive vice president at AstraZeneca.
“Syndax is at a major inflection point in its evolution, leveraging recent scientific insights into its lead therapeutic candidate entinostat in the emerging field of immuno-oncology. We are thrilled to have Briggs and Michael assume these critical executive roles,” said Dennis G. Podlesak, Chairman of the Syndax Board of Directors and Partner at Domain Associates. “Briggs is a pre-eminent drug developer with an impressive track record of bringing cutting-edge medicines to patients and provides Syndax with the depth and vision to deliver on the promising data with entinostat. Michael comes to Syndax as an accomplished leader and builder of biotechnology companies and has a proven track record of success in creating value through business development and strategic financial transactions. Together they create an extraordinarily strong and complementary team capable of leading Syndax to the next level of success.”
Syndax focuses on oncology.
