Irish global biotech investment fund Malin has invested $35m (€31m), and committed to invest a further $10 million, in US firm Melinta Therapeutics, its first new asset post IPO. This brings the number of operating assets in Malin to eight.
Melinta Therapeutics is a private company developing novel antibiotics to treat bacterial infections.
Malin will join founding investors, Vatera Healthcare Partners, and other existing investors in a Series 4 funding round of up to $67m.
Sean Murphy, Malin Board Director and appointee to the Melinta Board, said: “ We are delighted to lead this financing round which will help Melinta’s first class management team complete phase 3 development of its innovative antibiotic, delafloxacin, later this year and to develop and progress its strong and differentiated multiple product pipeline targeting drug-resistant pathogens in infectious diseases.”
Dublin-based Malin completed one of Europe's biggest biotechnology IPOs earlier this year after raising €330m in a placing on the Irish stock market's junior exchange.