Life sciences venture capital fund Pappas Capital’s new fund Pappas Ventures V has invested in OrphoMed, a clinical stage company that is developing therapies for treatment of inadequately-controlled gastrointestinal disorders.
The investment in OrphoMed is the first investment by the new Pappas Ventures fund.
The USD39 million Series A funding round was led by New Enterprise Associates and also included Takeda Ventures, Relativity Healthcare Partners and the Mario Family Fund.
OrphoMed’s lead programme is aimed at treating irritable bowel syndrome with diarrhoea (IBS-D), a disorder that affects the intestinal tract and causes cramping, abdominal pain, bloating, gas and diarrhoea.
“IBS-D is a profoundly debilitating condition for millions of people,” says Art Pappas, managing partner of Pappas Capital. “We believe OrphoMed has the potential to address this unmet medical need, with a product that has a novel mechanism of action and a significant safety benefit over current options.”
Pappas joined the OrphoMed board in connection with the Series A financing.
