Gilead Joins Investors in $276m SPAC Investment in Prophylaxis & Early Stage Antiviral Target for COVID-19

Gilead Joins Investors in $276m SPAC Investment in Prophylaxis & Early Stage Antiviral Target for COVID-19

The COVID-19 pandemic has called out the dire need for powerful antivirals to combat pathogens such as SARS-CoV-2. Quietly, a new biotech startup venture called Pardes Biosceinces launched in 2020—already raising $51.6 million, according to the website Crunchbase—now receives a substantial early-round $276 million capital injection to progress a prophylaxis and early onset antiviral for COVID-19. Founded by Uri Lopatin, a trained physician, infectious disease specialist, and previous entrepreneur with many Silicon Valley funding ties, the new venture identified itself as an “agile biopharmaceutical company committed to some of the world’s most pressing public health challenges.” The company’s personnel were to focus on “structure-based drug design” combined with a ‘tunable, reversible covalent chemistry platform powering novel drug discovery starting with their lead candidate known as PBI-0451, a potential direct-acting, oral antiviral drug to treat and prevent SARS-CoV-2 infections. Now the company’s gone big time, going public via a merger with a blank-check company created by Foresite Capital, a venture capital firm. This funding injects $276 million into the California-based v...

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