An Emeryville company attempting to tap an Australian weed for a treatment of a precancerous skin condition has landed a new top management team and a $24 million investment after a failed IPO.
Peplin Inc — based in Australia until last year when South San Francisco venture capital firm MPM Capital invested in it— said the funding came from New Entrprise Associates, MPM and two other existing investors from Australia. The company also brought on biotech veterans Tom Wiggans as CEO and Dr. Eugene Bauer as president and chief medical officer.
The cash comes nearly three months after Peplin withdrew plans for a $75 million initial public offering and as it pushes its only current compound deeper into clinical trials. In that time, CEO Michael Aldridge left the company, and Wiggans and Bauer, who were members of Peplin’s board and had worked together managing dermatology drug maker Connetics Corp., joined the executive ranks.
“We hope this (cash) will take us through Phase III,” Bauer said.
Filed under: News Wire | Tagged: Emeryville biotech, MGM Capital, Peplin
