San Diego-based Mpex Pharmaceuticals says it has raised $27.5 million to get its aerosol antibiotic formulation through mid-stage testing. And the developer says that additional commitments from its venture backers could raise the Series D to $40 million.
Mpex's lead program is MP-376, is an aerosol formulation of the antibiotic levofloxacin, which is being developed as a maintenance therapy for the prevention of bacterial exacerbations in patients with chronic respiratory infections. MP-376 is currently being evaluated in ongoing Phase 2 clinical trials in patients with cystic fibrosis and chronic obstructive pulmonary disease.
"This new investment will enable us to complete the ongoing Phase 2 trials of MP-376 in both CF and COPD, as well as prepare for Phase 3 trials in these indications," said CEO Daniel Burgess. "We now have a very strong investor syndicate to help us advance these programs rapidly towards commercialization. We believe that this financing positions us well financially to achieve all of our development objectives for MP-376."
"We are encouraged by the clinical data in CF patients to date and believe that if MP-376 is successful in reducing exacerbations in COPD patients, it will represent an important new therapy for this indication as well," said Sam Nickerson of Investor Growth Capital.
- read the Mpex release