Company	Investors	Use Of Proceeds
Outpost Medicine; Menlo Park, California	Takeda Pharmaceutical Co. Ltd. and Frazier Healthcare Partners launched Outpost to develop a Takeda compound as well as other yet-to-be identified urology and gynecology assets. Frazier led a $41m Series A round that also was backed by Adams Street Partners, Novo A/S and Vivo Capital.	The startup licensed OP-233 (formerly TAK-233) for stress urinary incontinence from Takeda for undisclosed financial terms. About 18m US adults suffer from stress urinary incontinence, which has no approved treatments and does not respond to overactive bladder drugs.
Atlantic Healthcare PLC; Cambridge, England	The founders of Salix Pharmaceuticals Inc.; Fullbrook Thorpe Investments LLP, which is the family investment arm of Clinigen Group PLC founder Andy Leaver; the private equity division of Lloyds Banking Group PLC, known as LDC; and existing investors completed a $24m equity financing for Atlantic. Current company board member Lorin Johnson was a scientific founder at Salix, which Valeant Pharmaceuticals International Inc. acquired for $15.8bn, and Johnson will be chief scientific advisor at Atlantic.	The company's equity financing will fund a Phase III clinical trial and US, EU and Canadian regulatory submissions for alicaforsen enema, a wholly-owned product candidate to treat inflammatory bowel disease (IBD) pouchitis. The trial is under way with data expected in the second half of 2017. The asset also is ready for Phase III development in acute ulcerative colitis. The drug candidate was licensed from Ionis Pharmaceuticals Inc. (formerly Isis Pharmaceuticals Inc.) and already is generating revenue in the EU, where it is available under Named Patient Supply protocols.
Iterum Therapeutics Ltd.; San Francisco and Dublin	Iterum licensed an anti-infective drug candidate and raised a $40m Series A round led by Frazier Healthcare Partners with backing from Canaan Partners, Sofinnova Ventures and New Leaf Venture Partners. The founding executives previously worked for the antibiotics developer Durata Therapeutics Inc., which was sold to Actavis PLC (now Allergan PLC) for up to $820m in 2014.	The startup is led by former Durata executives Corey Fishman and Michael Dunne, who'll serve as Iterum's CEO and chief scientific officer, respectively. The company licensed its lead program – an agent that's active in vitro against gram-negative, gram-positive and anaerobic bacteria – from an undisclosed "top-tier multinational pharmaceutical company."
eTheRNA Immunotherapies; Brussels, Belgium	LSP Life Sciences Partners and PMV led a €24m Series A round for eTheRNA, which was spun out of Vrije Universiteit Brussel (VUB) to develop the proprietary TriMix mRNA-based immunotherapies. Other Series A investors were Omega Funds, Fund+ and Boehringer Ingelheim Venture Fund.	The VUB spinout company, which got its start in 2013, has preclinical and clinical results for the TriMix platform, but eTheRNA will use its Series A money to complete additional clinical studies of an off-the-shelf injectable mRNA-based product for melanoma, breast cancer and infectious diseases. TriMix is designed to activate dendritic cells so that they elicit an immune response.
Emulate, Inc.; Cambridge, Massachusetts	Existing investors Hansjörg Wyss, NanoDimension and Cedars-Sinai Medical Center backed a $28m Series B round alongside new investors OS Fund, Atel Ventures, ALS Finding a Cure (a program of the Leandro P. Rizzuto Foundation), and an unnamed investor.	Emulate is transforming its Organs-on-Chip technology into a commercially available product known as the Human Emulation System for use in research and drug development activities with the potential for greater precision and control than cell culture and animal model experiments. Emulate hopes to build and expand relationships with industry and academia to achieve near term profitability.

VC Funding: Increasing Prior Rounds; New Strategy In Lieu Of An IPO?

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