Qpex has raised $33m in series A funding from Stanford University Draper Fund and others after spinning out of the Medicines Company to develop drugs targeting superbugs.
US-based infectious diseases drug developer Qpex Biopharma launched yesterday with $33m in series A capital supplied by backers including Stanford University Draper Fund.
The round was led by venture capital firm New Enterprise Associates and also included Adams Street Partners, Lyzz Capital and Hatteras Venture Partners.
Qpex Biopharma has been spun out of biopharmaceutical firm the Medicines Company to develop the latter’s preclinical-stage anti-infective assets. The company will particularly target superbugs – bacteria that have become resistant to existing antibiotic treatments.
The Biomedical Advanced Research and Development Authority (Barda), the office of the US Department of Health and Human Services responsible for countering bioterrorism, has awarded Qpex grant funding through an existing agreement worth up to a total of $132m.
Barda previously awarded $32m in funding to the Medicines Company to develop the preclinical assets in 2016, though it has not revealed the size of the second tranche.
Michael Dudley, president and chief executive of Qpex, said: “The urgent, global threat of antimicrobial resistance demands innovation and we are responding again to the calls sounded by the Centers for Disease Control and World Health Organisation for solutions by developing clinical candidates that we believe will be best-in-class anti-infective products.
“Our progress will be fuelled by our proven established R&D partnership with Barda that has the potential to drive our new programs deep into late-stage development.”
