Boulder, Colorado-based global medical nutrition startup PanTheryx, Inc. raised $53 million in strategic growth capital from New York and Connecticut-based private equity firm Pegasus Capital Advisors LP. Terms of the transaction were not disclosed.
PanTheryx previously raised over $15 million in 4 venture capital rounds from undisclosed investors.
Founded in 2007, PanTheryx is a global medical nutrition company focused on the development and commercialization of products that target the gastrointestinal microbiome. The company’s flagship product, DiaResQ, addresses acute infectious diarrhea, a leading cause of death worldwide among children under the age of five.
“We view PanTheryx as the cornerstone of our life sciences and microbiome strategy and a platform through which we can partner with other innovative companies that are reimagining traditional approaches to health and wellness,” said Pegasus founder, chairman and president, Craig Cogut, former co-founder of Apollo Management, and Drexel Burnham Lambert lawyer.
“With its seasoned and talented management team and innovative, proprietary technology, PanTheryx was an ideal addition to our sustainable living portfolio,” Cogut added.
Pegasus currently has three other companies in its sustainable living portfolio: Fiberon, a leading manufacturer of composite decking, railing and fencing used in homes and light commercial construction across North America; Halo, Purely for Pets, a leader in the formulation and distribution of nutritionally sound, naturally formulated pet care products, including food, treats, supplements and grooming aids. Its products are sold nationally through approximately 4,000 pet, grocery and health food stores, including Whole Foods and PETCO; and Six Senses Hotels Resorts Spas, an eco-conscious luxury resort and spa management company with Six Senses and Evasin branded properties in Asia, the Middle East, the Americas and Europe.
Pegasus is a private equity firm founded in 1996. The firm has invested across five private equity funds and currently manages approximately $1.8 billion in assets. The firm’s principal investment theme is providing strategic growth capital to companies within the middle-market focused on global resource scarcity, particularly energy, waste, food, water and health & wellness. The firm’s team is comprised of a diverse and multi-disciplinary group of over fifty talented investment professionals and operating / strategic advisors. The firm has offices in Cos Cob, Conn., and New York City.
“It became evident from our very first meeting with the Pegasus team that we shared a common passion for the vast potential of nutrition driven interventions to solve major global health issues,” said Mark A. Braman, resident and CEO of PanTheryx. “This alignment of vision and mission made Pegasus the ideal strategic partner for us.”
PanTheryx will use the proceeds to support the global commercial launch of its infectious diarrhea product DiaResQ, to aggressively drive its ongoing research and development program, and for other strategic initiatives including acquisitions.
Last year PanTheryx announced a multi-country supply and licensing agreement with Dr. Reddy’s Laboratories Ltd. (NYSE: RDY), a leading global pharmaceutical company. In December, Dr. Mark Grabowsky, a global health expert in disease prevention and child health, joined the company to direct expanding relationships with U.S. health agencies, foreign ministries of health and nongovernment organizations.
Photo: Craig Cogut, founder, chairman and president of Pegasus Capital Advisors.