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.