Malin invests €31m in Melinta Therapeutics
Irish global biotech investment fund Malin has sunk $35m (€31m), and committed to invest a further $10 million into US drug firm Melinta Therapeutics, its first new asset post IPO.
Malin will join founding investors, Vatera Healthcare Partners, and other existing investors in a Series 4 funding round of up to $67m.
This brings the number of operating assets in Malin to eight. Melinta Therapeutics is a private company developing novel antibiotics to treat bacterial infections.
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."
He added that it would also help the company 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.
After its IPO in March Malin said that it had already committed around €100m to seven companies with a further €130m promised subject to contingent commitments being met.
The company is an offshoot of life sciences strategic management company Brandon Point Industries, set up by Elan boss Kelly Martin last January. Malin was established by a number of former executives of Irish pharmaceutical firm Elan, which was sold for over €6bn in 2013. These include Mr Martin and former chairman Bob Ingram.