Apposite, MVM, Novo lead Serentis deal

Co-lead investors Apposite Capital, MVM Life Science Partners and Denmark-based Novo have led an investment of £10m into biopharmaceutical company Serentis in a second tranche of series-A funding.

The financing was initially closed in July 2007 with total commitments of £10.3m provided by the three lead investors, with £5.3m being invested immediately and the remaining £5m to follow in 2008.

The planned second tranche has now been extended to £10m, with additional contributions coming from new investor Adamant Ventures and existing backer East Hill, a Boston-based firm that supported Serentis' acquisition of Surface Therapeutics in September 2007, bringing the total value of the financing round to £15.3m. Apposite first invested in Serentis in July 2007.

Cambridge-based biopharmaceutical company Serentis was founded in 2006 with the objective of developing a pipeline of proprietary products to address unmet medical needs in the field of dermatology. The new funding will be used to advance the company's dermatology pipeline and take two of its lead products to proof-of-concept clinical trials. (Page 26).

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