Financing for development of novel antibiotic treatments in partnership
with Orchid Chemicals & Pharmaceuticals Ltd.
Munich, Germany and Naarden, The Netherlands, 18 April 2013 – Forbion Capital Partners, the Dutch life sciences venture capital firm, today announced that it has co-led the €15 million Series A financing round for Allecra Therapeutics GmbH, together with Edmond de Rothschild Investment Partners. EMBL Ventures was also part of the syndicate.
Allecra was formed in 2013 as a strategic partnership between the Company's founders including Nicholas Benedict, CEO, working in conjunction with Orchid Chemicals & Pharmaceuticals Limited (Chennai, India) and the two lead investors. The Series A financing will be used to support early clinical development of two new antibiotic treatments designed to combat multi drug-resistant gram-negative bacteria.
Holger Reithinger, Board Member of Allecra and Partner at Forbion Capital Partners, said: "Bacterial resistance to current antibiotics is widespread and is growing exponentially. Consequently, this compromises doctors' ability to treat serious infections in both hospitalised and community-based patients. At Allecra, our aim is to create novel antibiotics to combat this issue by assembling a specialist team in the field of antibiotic development. We also have the support from a group of world-leading opinion leaders."
Nicholas Benedict, Co-Founder and CEO of Allecra added: "The formation of Allecra comes at a time when governments, non-governmental agencies and the medical community are crying out for urgent and decisive action to tackle 'the epidemic of antibiotic resistance'. Our mission at Allecra is to develop new treatments which overcome selected bacterial resistance and which can be used to treat patients whose infections may otherwise have disastrous consequences."
For more information, please contact:
Forbion Capital Partners
+49 172 252 9032 or +49 89 41 61 61 950
College Hill Life Sciences (on behalf of Forbion)
Melanie Toyne Sewell / Anastasios Koutsos / Cora Kaiser
+44 20 7866 7856 / +49 89 5700 1806
Allecra Therapeutics GmbH
Nicholas Benedict, Co-Founder & CEO
+41 79 592 2005
Notes to Editors:
About Allecra Therapeutics GmbH
ALLECRA, established in 2013, is a biotechnology company focused on the development of novel treatments to combat multi drug-resistant bacterial infections. It is based on a strategic partnership between its founders, Orchid Chemicals and Pharmaceuticals Ltd. (Chennai, India) and its lead investors, Forbion Capital Partners and Edmond de Rothschild Investment Partners. ALLECRA's mission is to contribute towards the global effort to combat antibiotic resistance by developing new treatments which overcome emerging resistance mechanisms, thereby saving lives of patients whose infections may otherwise be inadequately treated. ALLECRA is located in the European BioValley Life Sciences cluster, located in the Upper Rhein valley, encompassing northwest Switzerland, southeastern Germany and the Alsace Region of France.
About Forbion Capital Partners
Forbion Capital Partners is a dedicated Life Sciences venture capital firm with offices in Naarden, The Netherlands, and Munich, Germany. Forbion invests in life sciences companies, particularly in world-class drug discovery & development as well as med tech and diagnostics companies addressing substantial unmet medical needs. Forbion's investment team of nine investment professionals has built an impressive performance track record since the late nineties with successful investments in Rhein Biotech, Crucell, Neutec, Glycart, Borean, Impella, Alantos, Acorda, Fovea, PanGenetics and BioVex. Current assets under management exceed EUR 450M, split between three active funds and comprising some 29 promising portfolio companies. Forbion Capital Partners Fund II is supported by the European Investment Fund through its ERP and LfA facilities. Finally, Forbion co-manages Biogeneration Ventures, an early stage fund focused on (academic) spin-outs and seed investments in the Netherlands.
For more information, please visit www.forbion.com.
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