Biopharmaceutical company Rib-X Pharmaceuticals has closed the first tranche of a $67.5m Series 2 preferred stock financing. A second tranche is anticipated to close around the end of 2012. The round was led by new investor Vatera Healthcare Partners and included existing shareholders Warburg Pincus, ABS Ventures and Vox Equity Partners.
The company said it plans to use the proceeds to initiate the Phase 3 clinical programme for its antibiotic product delafloxacin, aimed at the treatment of acute bacterial skin and skin structure infection.
“The continued support from our existing investors as well as the participation of new investor Vatera Healthcare Partners validates the potential of delafloxacin and our progress to date. We are very pleased to have the long term financial and strategic commitment that Vatera brings to their portfolio companies.”
“Vatera is pleased to support Rib-X and the development of delafloxacin, as there is a serious and growing need for new antibiotics that can address life-threatening drug resistant infections,” commented Dr Thomas Koestler, executive director of Vatera Holdings . “We believe its broad spectrum activity and IV to oral potential give delafloxacin a strong market position and we look forward to working with the Rib-X management team to advance this important new antibiotic towards the market.”
Vatera Healthcare Partners was established by Michael Jaharis, founder of Kos Pharmaceuticals, specialty pharmaceutical company sold to Abbott Laboratories in 2006 for $4.2bn. He also founded Key Pharmaceuticals, which merged with Schering-Plough in 1986 for $836m.
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