Cerexa launches with $50 million initial financing

New York, Aug. 23 - Cerexa, Inc. said it has begun operations and closed on an initial $50 million financing.

The transaction was co-led by Frazier Healthcare Ventures and New Leaf Venture Partners. Also participating were 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 Cerexa's board.

Alameda, Calif.-based Cerexa is focusing on developing, acquiring and commercializing hospital-based anti-infective therapies for the treatment of patients with life-threatening infections.

The company was formed by the management team that sold Peninsula Pharmaceuticals, Inc. to Ortho-McNeil Pharmaceutical, Inc., a subsidiary of Johnson & Johnson.

Cerexa expects to start phase 2 clinical trials of PPI-0903, a next-generation, broad-spectrum cephalosporin antibiotic with methicillin-resistant Staphylococcus aureus 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, in a news release. "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."

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