With repurposed antiviral, Atea draws $215M as it preps Phase II COVID-19 trial

Led by veteran biotech entrepreneur Jean-Pierre Sommadossi, Atea believes an antiviral it had been developing to treat HCV has promise to treat COVID-19 in a population that extends beyond hospitalized patients. The company said Wednesday an investor syndicate has provided $215 million in a series D round that will fund a clinical study of the pill, with dosing of coronavirus patients to begin this month.

Bain Capital Life Sciences led the round, with participation from fellow new investors RA Capital Management, Perceptive Advisors, Rock Springs Capital, Adage Capital Management, Redmile Group, Omega Funds, and funds and accounts managed by T. Rowe Price. Existing investors including Morningside Ventures, Cormorant Asset Management, Ally Bridge Group, Sectoral Asset Management also took part...