By Kimberly N. Alleyne
Stroudsburg, Pa., Aug. 24 - Protez Pharmaceuticals announced Wednesday the closing of a $15 million series B financing.
Protez said it will use the proceeds to accelerate development of its lead compound SMP-601, an injectable antibiotic which it says has a uniquely broad spectrum of activity against both drug resistant gram-positive and many gram negative pathogens. These organisms are a major source of mortality and expense. Protez intends to initiate clinical trials with SMP-601 during 2006.
"This financing represents a significant milestone for Protez as it enables us to rapidly progress our lead compound toward human trials while also advancing the other novel antibiotics in our pipeline," said Christopher Cashman, chief executive officer of Protez Pharmaceuticals, in a news release
"We look forward to using these funds to accelerate development of SMP-601, which we believe
has significant potential to combat many of the life- threatening infections that are taking an ever greater toll in lost lives and wasted resources."
BioAdvance Ventures and Birchmere Ventures led the financing. Additional investors were L Capital Partners, S.R. One and BTG, a previous investor.
Protez is headquartered in Malvern, Pa., and discovers and develops new antibiotics for difficult-to-treat infections.
| Issuer: | Protez Pharmaceuticals
|
| Issue: | Series B financing
|
| Round: | D
|
| Amount: | $15 million
|
| Investors: | BioAdvance Ventures, Birchmere Ventures (leads), L Capital Partners, S.R. One and BTG
|
| Announcement date: | Aug. 24
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
