Cardeas banks $34M round for PhII antibiotic

H.I.G. BioVentures has stepped up to lead a $34 million round for Seattle-based Cardeas Pharma, which is developing new antibiotics for drug-resistant bacterial infections. The money "will enable us to complete a Phase II safety and efficacy study of our aerosol combination antibiotics as adjunctive therapy to intravenous antibiotics in patients at high risk for multidrug resistant infections who are on a mechanical ventilator," said CEO Bruce Montgomery, a high profile figure in the Seattle biotech hub. Novo A/S, Avalon Ventures, Devon Park Bioventures and WRF Capital (Washington Research Foundation), as well as additional new investor Delphi Ventures joined the round. Release