FOR IMMEDIATE RELEASE
For Rempex Pharmaceuticals
Rempex Announces Series B Financing of up to $67.5 Million
Funds will be used to advance development of new treatments for resistant gram-negative infections
San Diego, CA, November 9, 2011 - Rempex Pharmaceuticals, Inc. today announced that it has completed the initial closing of a Series B financing. New investors Frazier Healthcare Ventures and Vivo Ventures joined existing investors SV Life Sciences, OrbiMed Advisors and Adams Street Partners in committing to a total of $67.5 million for this round. This financing, together with a previous Series A round, brings the total financing commitment for Rempex to $76 million since the company’s founding in June 2011.
Rempex is focused on developing internally discovered new treatments for resistant gram-negative infections. The company expects to file a New Drug Application (NDA) with the United States Food and Drug Administration (FDA) for its first product candidate in the second half of 2012 and an Investigational New Drug Application (IND) with the FDA for its second product candidate in the first quarter of 2012.
“We are very pleased to have been able to attract such a strong group of experienced healthcare investors,” stated Daniel Burgess, President and Chief Executive Officer of Rempex. “This financing gives us the resources to rapidly advance our development programs towards commercialization at a time when the need for new treatments for resistant gram-negative infections has become critical.”
About Rempex Pharmaceuticals
Rempex Pharmaceuticals, Inc. is a biopharmaceutical company whose mission is to develop important new therapies to combat the growing issue of antibiotic resistance. The company was founded to acquire all the assets, including financial and human resources, not associated with Aeroquin™ from Mpex Pharmaceuticals, Inc. Aptalis Holdings Inc. acquired Mpex and its lead product candidate, Aeroquin™, earlier this year. Company website: www.rempexpharma.com