Sirtris Pharma raises $60M in IPO

David P. Hamilton — Wed, 23 May 2007 19:33:00 +0000

Cambridge, Mass., based Sirtris Pharmaceuticals raised at least $60 million in an initial offering, after pricing six million shares in the middle of its anticipated range of $9 to $11 apiece. The company is developing drugs that aim to mimic the health benefits of calorie-restricted diets, which have been shown to greatly extend life in a variety of animals. Sirtris’ drugs are designed to activate a protein called Sirt1, which some scientists believe may be responsible for the beneficial effects of caloric restriction.

The company’s initial drugs, which include a proprietary formulation of resveratrol — a substance found in red wine that seems to offset the effects of high-calorie diets in mice — are aimed at treating diseases related to aging, including type 2 diabetes.

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Sirtris Pharma raises $60M in IPO