SUZHOU, China, Sept. 19, 2016 /PRNewswire/ -- TenNor Therapeutics today announced a $25 million Series B financing led by Northern Light Venture Capital. Joining this round were current investors Frontline BioVentures, WuXi PharmaTech Healthcare Fund I, Oriza Venture Capital and Relativity Healthcare Fund. Proceeds will be used to advance new antibiotics into the late-stage of clinical development.
TenNor is a clinical stage company focused on the development of dual-acting antibiotics to address major unmet medical needs. The company possesses a strong new drug development portfolio and is advancing several first-in-class dual-acting molecules through its preclinical and clinical development pipeline. The most advanced product, TNP-2092 oral capsule, is a locally acting gastrointestinal tract antibiotic and has the potential to dramatically improve the treatment of digestive diseases associated with Helicobacter pylori and other gastrointestinal bacterial infections. The compound is currently in the early-stage of clinical development.
"TenNor team is extremely grateful to Northern Light, Frontline BioVentures and other current investors who recognize the value of the company and support our mission," said Dr. Zhenkun Ma, Company Founder and CEO. "With the infusion of the new capital, TenNor is well positioned to deliver the best treatment for H. pylori and other GI tract infections to patients in the coming years."
The funding will be used to advance TNP-2092 oral capsule into Phase III clinical trials, as well as a second product into the clinical proof-of-concept stage and a third product into Phase I of clinical development.
"TenNor is a highly capital efficient company with a first class management team, innovative product pipeline, and global IP protection," said Feng Deng, Founding Managing Director of Northern Light. "TenNor is the type of company that we would like to support. We are very glad to join together with Frontline and other existing investors to help the company bring innovative therapies to patients."
"Since the inception of TenNor Therapeutics, the company has made remarkable progress towards delivering life-changing products to patients in China and the rest of the world," said Dr. Leon Chen, Founder and Managing Partner of Frontline BioVentures. "The truly innovative products in TenNor's development portfolio have the potential to address some of the major unmet needs in the area of infectious diseases. We congratulate TenNor's accomplishments and will continue to bring our resources to bear to help the company accomplish its mission."
TenNor Therapeutics was established in 2013 in BioBAY, a life science park based in Suzhou, China. The company has acquired patents and other assets from Cumbre IP Venture and patents from the TB Alliance.
TenNor Therapeutics is a clinical stage, product development company with a sharp focus on unmet medical needs in the area of infectious diseases. The company possesses a dual-acting drug discovery platform with several innovative products in various stages of preclinical and clinical development. The company is developing new drugs for the treatment of Helicobacter pylori infections, prosthetic joint infections, multidrug-resistant Gram-negative infections and some other common and serious infectious diseases. For more information: www.tennorx.com.
About Northern Light Venture Capital
Northern Light Venture Capital (NLVC) is a leading China-focused venture capital firm targeting early stage opportunities of innovation and disruptive technology. Since its inception in 2005, Northern Light has backed over 180 ventures in TMT, healthcare and advanced technology. Leveraging significant investing and entrepreneurial expertise in both China and the United States, the NLVC team looks to support entrepreneurs with groundbreaking ideas and exceptional vision to develop lasting ventures that positively impact society. For more information: www.NLVC.com.
About Frontline BioVentures
Frontline BioVentures is a leading venture capital firm with expertise and a broad network in the life sciences industry in China. Supported by a team of experienced investment professionals and with offices in Shanghai, Suzhou, Hong Kong and Silicon Valley, Frontline BioVentures is one of the most active investors based in China investing in innovative biopharmaceuticals and medical devices. For more information: www.frontlinebioventures.com.
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