Funding Grows For Indy-Connected Biopharma Company

Posted: Updated:
Outpost Medicine was launched in 2016. Outpost Medicine was launched in 2016.
INDIANAPOLIS and LONDON -

A biopharmaceutical company with offices in Indianapolis and London has announced a $20 million boost to a Series A round of financing. Outpost Medicine, which focuses on treating urologic and gastrointestinal disorders, also says Scott Byrd will succeed co-founder David Socks as president and chief executive officer. Socks, who also serves as a venture partner with one of Outpost's key VC providers, Frazier Healthcare Partners, will remain on the board of directors.

Byrd most recently served as president and chief operating officer of United Kingdom-based Acacia Pharma Inc. and his 25 years of pharmaceutical industry experience also includes time as senior vice president and chief commercial officer of Mallinckrodt PLC (NYSE: MNK) subsidiary Cadence Pharmaceuticals and various positions at Indianapolis-based Eli Lilly and Co. (NYSE: LLY).

The company's Series A total is now valued at $61 million. New investor Takeda Ventures joined existing Outpost investors Frazier Healthcare Partners, Novo Holdings A/S, Vivo Capital and Adams Street Partners on the extended financial backing.

Outpost Chairman Tachi Yamada says "Scott has a proven record of success across commercialization, development, manufacturing, and capital markets, which we expect will greatly benefit Outpost as we advance our pipeline of novel therapeutics." He adds "proceeds from the Series A extension enable Outpost to shift focus to OP-687, a new class of oral therapy in development for the treatment overactive bladder and irritable bowel syndrome. We believe OP-687 holds great potential to significantly improve the care of patients with OAB and IBS, disorders that affect over 1 in 10 people worldwide."

The company was formed in March of 2016 through a partnership with Japan-based Takeda Pharmaceutical Co. Ltd. and Frazier Healthcare Partners. Outpost was launched as the exclusive global development and commercialization licensee of a clinical-stage candidate being studied to treat stress urinary incontinence called OP-233. In the company's announcement of its funding extension, it also announced the discontinuation of the OP-233 program.

  • Perspectives

    • How to Find a New Audience After Hitting a Marketing Plateau

      It may sound like a marketer’s dream scenario: efforts have proven to be so successful it appears a company has completely saturated their target audience. While it may be a good problem to have, it still may be a problem. Hitting a marketing plateau is an opportunity for companies in any industry to reevaluate, re-energize and come to the table with new ideas for better understanding existing customers and engaging new audiences.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (photo courtesy of WTHR-TV)

      Andrew Luck Retiring from NFL

      In a shocking development following the Indianapolis Colts' preseason loss to the Chicago Bears, quarterback Andrew Luck has announced his retirement from the NFL. Luck, who did not play in Saturday's game, said the number of injuries he has suffered throughout his professional career "has taken my joy of this game away." Luck teared up during a news conference in which he made his announcement. "After 2016 where I played in pain and was unable to regularly...

    • Shaina Keck

      Pier 48 Manager Named

      FK Restaurant Group has named Shaina Keck sales and banquet manager for Pier 48 Fish House and Bar in downtown Indianapolis. She previously served in sales at Kilroy's Bar & Grill. Keck is a graduate of Indiana University Kelly School of Business with a bachelor of science degree in finance and accounting with a concentration in international studies.  
    • (image courtesy of The Times of Northwest Indiana)

      Crews Start Demolition of Carson's in Hammond

      The face of downtown retail in Hammond is changing once again with the demolition of Carson’s department store, the one-time the anchor of Woodmar Mall. Our partners at The Times of Northwest Indiana report excavating crews have started to demolish the last vestige of the shopping center which stood since the 1950s. 

    • Julie Bondy Roberts

      How Barry Manilow Can Help Tame Your LinkedIn Stage Fright

      My former co-work, Rita, loved Barry Manilow.  She often wore a T-shirt that said, “Never Underestimate the Power of a Barry Manilow Song.” She loved him so much that in one week, she saw him once in Indianapolis and the following weekend she drove up to Chicago to see him. She was our receptionist – and I guarantee you she ate Ramen noodles for a few days to make those two concerts happen. 

    • (Image courtesy of Northern Indiana Commuter Transportation District)

      Michigan City Commits $12M to South Shore Track Project

      The Michigan City Common Council has formally committed to contribute $12 million towards the proposed $416 million Double Track project for the South Shore commuter line. Our partners at The Times of Northwest Indiana report the council voted unanimously to pay $7 million upfront and finance the remaining $5 million through a 20-year bond issue.