Outpost Medicine, a biopharmaceutical startup with offices in Indianapolis and London, has raised another $20 million to help it develop new treatments for urologic and gastrointestinal disorders.
That brings the total amount the startup has raised to $61 million since it was formed in March 2016.
The young company is trying to find new ways to treat overactive bladder, or OAB, defined as an urgent need to pass urine resulting from involuntary signals sent to the bladder muscles, causing the bladder to contract before it is full.
Yet Output has already run into setbacks. The company’s first clinical product, called OP-233, which it licensed in 2016 from Japanese drugmaker Takeda Pharmaceutical Co. Ltd. and initially called an “exceptional asset,” apparently did not live up to its promise. Outpost announced Nov. 15 it has discontinued the OP-233 program, without giving details.
Instead, the company has shifted its focus to OP-687, “a new class of oral therapy” for treatment of overactive bladder and irritable bowel syndrome.
“We believe OP-687 holds great potential to significantly improve the care of patients with OAB and IBS, disorders that affect over one in 10 people worldwide,” Outpost said in a release.
Outpost has an office at 450 E. 96th St., and another in downtown London.
Participating in the new funding is Takeda Pharmaceuticals, Frazier Healthcare Partners, Novo Holdings A/S, Vivo Capital and Adam Street Partners.
The company also announced the appointment of Scott Byrd as president and CEO, as part of a planned transition, succeeding David Socks, interim CEO.
Byrd most recently was president and chief operating officer of Acacia Pharma, Inc. a biotech startup based in Cambridge, United Kingdom.
Earlier in his career, Byrd worked for Indianapolis-based drugmaker Eli Lilly and Co. in a variety of roles including sales, marketing, development, manufacturing and strategic planning.