MORRISVILLE, N.C.--(BUSINESS WIRE)--Arrivo BioVentures today announces the launch of Arrivo BioVentures, LLC, a drug development company, with the closing of a preferred financing totaling $49 million in committed capital.
Arrivo was founded by Steve Butts, Bill Wofford, Dr. Michael Ackermann and Dr. Jed Black, and located in North Carolina’s Research Triangle Park region. Mr. Butts and Mr. Wofford were members of the management team that led successful investor exits of privately-held start-up biopharmaceutical companies Aerial BioPharma LLC, Neuronex Inc. and Addrenex Pharmaceuticals, Inc. Dr. Black, therapeutic area head for sleep at Jazz Pharmaceuticals, will serve as a scientific advisor to Arrivo.
Arrivo plans to use the funds to develop four to six new drug candidates over the next several years. Consistent with the management team’s previous companies, Arrivo’s team will source and acquire development candidates in or ready for the early stages of human clinical trials and move the projects through clinical proof-of-concept and the next significant valuation inflection point.
“We are excited about the next evolution in our business model,” Butts said. “We will continue to look for development programs that improve patient care and provide opportunities to minimize the clinical development and regulatory risks. However, our new model with more drug candidates will give our investors greater diversification, and ultimately even more chances for development success.”
Jazz Pharmaceuticals is the lead investor in the financing, with Solas BioVentures Fund I, L.P., Rex Health Ventures and private investors also participating. Committed capital will be accessed over the next five years to fund development projects as they are identified, in-licensed and initiated by Arrivo.
“We are very pleased to continue our long standing relationship with this outstanding management team,” said Dr. David Adair, Managing Partner of Solas BioVentures. “The Arrivo operating team has a demonstrated track record of advancing valuable new treatments for patients through the drug development process.”
The strategy for Arrivo, as with the previous companies, is to leverage the team’s clinical expertise and knowledge of the drug development process. The previous companies have replicated a successful process founded on identification of drug candidates with high probabilities of success and clear development and regulatory paths for approval.
About Arrivo BioVentures, LLC
Arrivo BioVentures, LLC is a privately held biopharmaceutical development company focused on identifying biologics and small molecules to improve patient care. Arrivo is based in Morrisville, N.C., on the edge of Research Triangle Park. For more information, visit www.arrivobio.com.