New Investor Takeda Ventures Joins Syndicate; Proceeds to Fund Lead Clinical Stage Program for the Treatment of Overactive Bladder and Irritable Bowel Syndrome
Indianapolis, IN and London, UK, Nov 15, 2017 –Outpost Medicine, a biopharmaceutical company focused on the development of new treatments of urologic and gastrointestinal disorders, today announced the appointment of Scott Byrd as President and Chief Executive Officer as part of a planned transition, succeeding David Socks, Interim CEO, Co-founder of Outpost, and Venture Partner with Frazier Healthcare Partners. Mr. Socks will remain on the board of directors. Outpost also announced that it has closed a $20 million extension of its original Series A financing, bringing the total amount raised to $61 million. Participating in the extension are new investor, Takeda Ventures, and Outpost’s leading syndicate of life science venture investors, including Frazier Healthcare Partners, Novo Holdings A/S, Vivo Capital, and Adams Street Partners.
“We are thrilled with the addition of Scott and his 25 years of global biopharmaceutical industry experience to our leadership team,” said Tachi Yamada, M.D., Chairman of Outpost. “Scott has a proven record of success across commercialization, development, manufacturing, and capital markets, which we expect will greatly benefit Outpost as we advance our pipeline of novel therapeutics.”
“We are also delighted to have the continued enthusiasm and support of our investor syndicate, including new investor Takeda Ventures with its highly relevant therapeutic area expertise,” further commented Dr. Yamada. “Proceeds from the Series A extension enable Outpost to shift focus to OP-687, a new class of oral therapy in development for the treatment overactive bladder (OAB) and irritable bowel syndrome (IBS). We believe OP-687 holds great potential to significantly improve the care of patients with OAB and IBS, disorders that affect over 1 in 10 people worldwide.” Outpost also announced that it has discontinued its OP-233 program.
“I am honored to join Outpost and work with such a talented team to build a world-class urology and gastroenterology company,” said Scott Byrd. “The combination of an outstanding clinical stage product candidate in OP-687, an experienced leadership team with deep therapeutic area expertise, and premier life science investors ideally positions Outpost to bring novel treatments to patients suffering from OAB and IBS.”
Mr. Byrd has over 25 years of experience in the pharmaceutical industry, most recently serving as President and Chief Operating Officer of Acacia Pharma, Inc. Prior to Acacia, he was Senior Vice President and Chief Commercial Officer of Cadence Pharmaceuticals from 2009 until its acquisition by Mallinckrodt Pharmaceuticals for $1.4 billion in 2014. At Cadence, Mr. Byrd built the company’s commercial and supply-chain infrastructure and led the launch of OFIRMEV®, a market-leading non-opioid injectable analgesic. Earlier in his career, he served in a variety of roles of increasing responsibility at Eli Lilly and Company, including sales, marketing, development, manufacturing, and strategic planning. Mr. Byrd is a member of the board of directors for Acacia Pharma Ltd. He holds a B.S. in mechanical engineering from Bradley University and an MBA from Harvard Business School.
About Overactive Bladder
Overactive bladder (OAB) is an urgent need to pass urine resulting from involuntary signals sent to the bladder muscles causing the bladder to contract before it is full. People with OAB may feel sudden and potentially strong urges to urinate, often accompanied by urinary incontinence (leakage). Over 10% of people worldwide are estimated to be affected by OAB.
About Irritable Bowel Syndrome
Irritable bowel syndrome (IBS) is a chronic gastrointestinal disorder that affects the large intestine, causing cramping, abdominal pain, bloating, gas, as well as diarrhea, constipation or both. Symptoms of IBS are believed to stem from abnormal functioning of gastrointestinal nerves and muscles and/or dysfunctional signaling between them. According to the American College of Gastroenterology, up to 15% of the global population may suffer from IBS.
About Outpost Medicine
Outpost Medicine is a biopharmaceutical company focused on the development of novel therapeutics for the treatment of urologic and gastrointestinal disorders. Located in Indianapolis, IN and London, UK, Outpost is a private company launched in 2016 and has raised $61 million in Series A venture capital financing from Frazier Healthcare Partners, Adams Street Partners, Novo Holdings A/S, Vivo Capital and Takeda Ventures. For more information, visit Outpost’s website at www.outpostmedicine.com.