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news.Mpex Pharmaceuticals, a biopharmaceutical company, has completed a $27.5 million initial closing of a series D financing led by Investor Growth Capital.
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Other participating investors include RiverVest Venture Partners, as well as existing investors SV Life Sciences, HBM BioVentures, Aberdare Ventures and Adams Street Partners. These investors have made commitments to additional closings that could bring the total series D financing to $40 million.
Mpex’s lead product candidate, 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 II clinical trials in patients with cystic fibrosis (CF) and chronic obstructive pulmonary disease (COPD).
Daniel Burgess, president and CEO of Mpex, said: This new investment will enable us to complete the ongoing Phase II trials of MP-376 in both CF and COPD, as well as prepare for Phase III trials in these indications.
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.