Qpex Biopharma, in the business of antibiotics to combat antimicrobial resistance, surfaced Oct. 22 with a $33 million Series A round and a contract worth up to $132 million.
New Enterprise Associates led the round, accompanied by Adams Street Partners, LYZZ Capital, Hatteras Venture Partners and Stanford University Draper Fund.
In addition, Qpex struck an agreement with Biomedical Advanced Research and Development Authority, or BARDA. The contract provides the potential for up to $132 million to support the development of a portfolio of new antibiotics to fight drug-resistant infections.
The initial BARDA award in 2016 included $32 million, with an additional $100 million possible.
As part of Qpex’s financing round the company acquired the preclinical, anti-infective assets of The Medicines Co. Qpex’s CEO, Michael Dudley, is the former chief scientific officer of The Medicines Co.
Several Qpex executives have roots in Mpex and Rempex, the latter of which was acquired by The Medicines Co.
"The urgent, global threat of antimicrobial resistance demands innovation and we're responding again to the calls sounded by the CDC and WHO for solutions by developing clinical candidates that we believe will be best-in-class anti-infective products. Our progress will be fueled by our proven established R&D partnership with BARDA that has the potential to drive our new programs deep into late-stage development,” Dudley said in a statement.