Financing to support ongoing Phase 2 study of CP101 in recurrent C. difficile infection and advance pipeline of earlier stage products
Mar 1, 2018
SOMERVILLE, MA—March 1, 2018—Finch Therapeutics Group, Inc. (Finch), a privately held microbiome therapeutics company, announced today the successful close of an oversubscribed $36 million Series B financing, bringing the total capital raised since the Company’s launch to $77 million. Investors in the Series B include Shumway Capital, Willett Advisors, Morgan Noble and Avenir Growth Capital.
“This financing positions Finch to achieve key data and operational milestones as we advance our pipeline of novel microbiome-based therapies,” said Mark Smith, Ph.D., CEO of Finch Therapeutics Group. “We look forward to continued progress in PRISM 3, our ongoing Phase 2 study of CP101, an orally delivered Full-Spectrum Microbiota product being developed for recurrent C. difficile infections. We are also excited to advance our pipeline of therapeutic candidates into the clinic both through sponsored programs and in collaboration with Takeda and our academic partners as we work to realize the exciting potential of the human microbiome.”
Commented Chris Shumway of Shumway Capital, “We’re pleased to increase our investment in Finch. Beyond its innovative science and unique foundation of clinical data, we’re excited by Finch’s comprehensive intellectual property estate, which now includes 29 issued patents.”
Finch also announced today that the U.S. Food and Drug Administration (FDA) has awarded CP101 Fast Track Designation. CP101 is an encapsulated, orally-administered Full-Spectrum Microbiota product derived from healthy human donors. It is a potentially first-in-class treatment for patients with recurrent C. difficile infections, and is currently being evaluated in Finch’s PRISM 3 study.
Finch operates the largest stool donation program in the world and manufactures approximately 1,000 microbial treatments every month. Through its collaboration with OpenBiome, products manufactured by Finch are distributed to a network of more than 1,000 providers. Finch’s leading donor program and manufacturing capabilities will enable rapid scale-up upon commercialization of its Full-Spectrum Microbiota products.