Biotech spin-out grabs $76M in venture cash for antibiotic work

Just a few months after Axcan swept in to buy up the San Diego-based Mpex and its lead antibiotic program, the former CEO of the developer has successfully spun out the rest of the pipeline into a new company dubbed Rempex and snagged venture commitments now totaling a whopping $76 million. A new B round announced today adds commitments for up to $67.5 million from SV Life Sciences, OrbiMed Advisors and Adams Street Partners.

Rempex, which launched last June, says it is prepping an NDA for a new treatment for resistant gram-negative infections in the second half of 2012. An IND on a second product is due early next year.

"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," said Rempex CEO Daniel Burgess.  

Axcan, which later changed its name to Aptalis after merging with Eurand, bought out Mpex in order to gain control of Aeroquin, then a Phase III treatment for pulmonary infections in patients with cystic fibrosis.

- here's the press release

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