ARTICLE | Company News

Verus Pharma inflammation news

June 23, 2008 7:00 AM UTC

Verus spun out Meritage Pharma Inc., which acquired rights from Verus to develop a pediatric gastrointestinal program, including a formulation of an undisclosed existing molecule to treat allergic inflammation of the gastrointestinal tract. The newco also raised $22.5 million in a series A round through Domain Associates; Latterell Venture Partners; and The Vertical Group. Verus will receive an undisclosed upfront payment and a minority equity stake in Meritage, which will be located in San Diego, Calif.

Meritage also unveiled its management team. Elaine Phillips will become president, CEO and a director. She was previously SVP of technical operations at Verus. Verus Chairman Cam Garner will serve as chairman. Malcolm Hill, previously Verus’ SVP of R&D, was named CSO. Adam Simpson will become CBO, while remaining VP and general counsel at Verus. Domain’s James Blair and Latterell’s Kenneth Widder will join Meritage’s board. ...