Qpex Biopharma Announces Closing of $33 Million Series A Financing and Launch of Company to Address Worldwide Problem of Drug-Resistant Infections
SAN DIEGO, Oct. 22, 2018
SAN DIEGO, Oct. 22, 2018 /PRNewswire/ -- Qpex Biopharma today announced the closing of a $33 million Series A financing and launch of the infectious disease company. Qpex is focused on developing new antibiotics to combat the growing threat of global antimicrobial resistance. Upon closing of the transaction, Qpex acquired the preclinical-stage anti-infective assets of The Medicines Company (MDCO), including proprietary beta-lactamase inhibitor technology with unique pharmacological properties, including broad spectrum of coverage.
New Enterprise Associates led the financing syndicate and was accompanied by Adams Street Partners, LYZZ Capital, Hatteras Venture Partners and Stanford University Draper Fund. Additional funding is being provided through an agreement with the Biomedical Advanced Research and Development Authority (BARDA).
"Qpex has a strong portfolio of drug candidates and is led by an experienced, industry-leading management team with a proven track record of innovation," said Carol Gallagher, PharmD, Partner at New Enterprise Associates. "We see great potential in the company and look forward to working with the Qpex team and our fellow investors to advance novel products to address the growing antimicrobial resistance that impacts many patients worldwide," she added.
The Qpex management team is comprised of former executives from The Medicines Company's infectious disease business unit who were integral in the development/approval of four antibiotics in the last five years, including three products while at The Medicines Company, and previously were executives at the successful antibiotic companies Rempex Pharmaceuticals and Mpex Pharmaceuticals.
"We are very pleased to form Qpex around the validated beta-lactamase inhibitor technology our team pioneered and to attract such an experienced group of healthcare investors," said Michael Dudley, PharmD, Qpex's President and CEO. "The urgent, global threat of antimicrobial resistance demands innovation and we're responding again to the calls sounded by the CDC and WHO for solutions by developing clinical candidates that we believe will be best-in-class anti-infective products. Our progress will be fueled by our proven established R&D partnership with BARDA that has the potential to drive our new programs deep into late-stage development."
Qpex, through its wholly-owned subsidiary, has a strategic partnership with BARDA that provides the potential for up to $132 million to support the development of a portfolio of new antibiotics to fight drug-resistant, gram-negative infections (HHSO100201600026C). The partnership was established under an Other Transactional Authority (OTA) and is a distinctive, flexible, portfolio-based cost-share approach to funding drug development. The initial award in 2016 was for $32 million, with up to an additional $100 million available if all options to extend the partnership are exercised by BARDA.
About Qpex Biopharma, Inc.
Qpex Biopharma is developing a pipeline of agents addressing critical needs for the treatment of infectious diseases in the inpatient and outpatient settings. Qpex management has a record of deep expertise in the discovery, development and regulatory approval of anti-infective medicines, including an extensive record of working with public/private partnerships focused on new antibiotics to combat antimicrobial resistance.
Qpex's partnership with BARDA is funded in whole or in part with Federal funds from the Department of Health and Human Services; Office of the Assistant Secretary for Preparedness and Response; Biomedical Advanced Research and Development Authority (BARDA), under OTA number HHSO100201600026C.
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SOURCE Qpex Biopharma