FOR IMMEDIATE RELEASE
Press Contact:
Cerexa‚ Inc.
Stan Abel
Phone: 510–747–3911
seabel@cerexa.com
Press Contact:
Noonan Russo
Jane Petrino
Phone: 212–845–4274
jane.patrino@eurorscg.com
Cerexa‚ Inc. Announces Corporate Launch and $50 Million Initial Financing
Management Team Poised to Continue Prior Success
ALAMEDA‚ Calif.‚ August 23‚ 2005 –– Cerexa‚ Inc. today announced the formal launch of operations following the successful spin out from Peninsula Pharmaceuticals‚ Inc. The company also announced the closing of a $50 million round of initial financing led by top–tier healthcare investors. Cerexa‚ a biopharmaceutical company focused on developing‚ acquiring and commercializing hospital–based anti–infective therapies for the treatment of patients with life–threatening infections‚ was formed by the management team that executed the sale of Peninsula Pharmaceuticals to Ortho–McNeil Pharmaceutical‚ Inc.‚ a subsidiary of Johnson & Johnson. Cerexa expects to initiate Phase 2 clinical trials with PPI–0903‚ a next–generation‚ broad–spectrum cephalosporin antibiotic with methicillin–resistant Staphylococcus aureus (MRSA) coverage‚ in the second half of 2005.
“We are thrilled to be launching Cerexa with such enthusiastic support from top tier investors‚” said Dennis G. Podlesak‚ President and Chief Executive Officer of Cerexa. “The Cerexa team has already proven that it has the skill and experience to identify‚ acquire and develop promising antibiotic product candidates. We now look forward to building a broad portfolio of other breakthrough hospital–based therapeutics around PPI–0903‚ our lead compound.”
Cerexa’s $50 million round of initial financing was co–led by Frazier Healthcare Ventures and New Leaf Venture Partners‚ founded by the former members of Sprout Group’s Healthcare Technology venture team. The round also included significant participation from Cerexa’s existing stockholders‚ including Domain Associates‚ Canaan Partners‚ OrbiMed Advisors‚ A.M. Pappas & Associates‚ Montreux Equity Partners‚ EGS Heathcare and CDIB BioScience Ventures. Patrick Heron‚ General Partner of Frazier Healthcare Ventures‚ and Ron Hunt‚ Managing Director of New Leaf Venture Partners‚ will both join the Cerexa’s board of directors.
“There is a significant need for breakthrough broad–spectrum antibiotics such as PPI–0903‚ particularly as bacterial strains increasingly become resistant to current antibiotics‚” said Patrick Heron. “PPI–0903’s broad–spectrum of activity against resistant gram–positive bacteria as well as gram–negative strains caused Cerexa to attract both substantial investor and pharmaceutical partner interest.”
“This is a promising time to be investing in the antibiotics market‚ which is experiencing a renewed interest as evidenced by some of the recent transactions we’ve seen in the space‚” commented Ron Hunt. “Not nly does Cerexa have a potential blockbuster asset with PPI–0903‚ but this team has the experience and skills in place to build a successful company with a broad portfolio of novel anti–infective products.”
About PPI–0903
PPI–0903 is a novel broad–spectrum‚ next–generation cephalosporin antibiotic. Cephalosporins are the most frequently prescribed class of antibiotics in the world. Unlike currently marketed cephalosporins‚ PPI–0903 has demonstrated in vitro and in vivo bactericidal activity against the most resistant strains of gram–positive bacteria‚ including MRSA and vancomycin–resistant and –intermediately susceptible Staphylococcus aureus. PPI–0903 has also demonstrated bactericidal activity against penicillin–resistant Streptococcus pneumoniae and many common gram–negative bacteria‚ exemplifying its potential as a broad–spectrum antibiotic. Cerexa licensed from Takeda Pharmaceutical Company Limited the exclusive right to develop and commercialize PPI–0903 in all countries worldwide except Japan.
About Cerexa
Cerexa‚ Inc.‚ located in Alameda‚ California‚ is an innovation driven‚ biopharmaceutical company committed to developing and commercializing a growing portfolio of novel anti–infective therapies for the treatment of serious and life–threatening infections. Cerexa’s lead compound‚ ceftaroline acetate‚ is a next–generation cephalosporin that is currently being investigated as a potential treatment for cSSSI. Cerexa licensed from Takeda Pharmaceutical Company Limited the exclusive right to develop and commercialize ceftaroline. For additional company information‚ please visit www.cerexa.com.