OrphoMed completed a $39 million round of series A financing for the development of its irritable bowel syndrome with diarrhea drug ORP-101.
Here's what you should know.
1. New Enterprise Associates led the round, followed by existing seed investor Takeda Ventures.
2. NEA Partner Frank Torti, MD, and Pappas Capital Managing Partner Arthur Pappas will join OrphoMed's board of directors.
3. OrphoMed Co-Founder and CEO Nikhilesh Singh, PhD, said in a release, "We are excited by the investment from top-tier venture groups, as it validates the company’s technology and strategy to pursue ORP-101, which has the potential to be a superior treatment alternative to existing therapies for IBS-D.”