Funding supports clinical development up to registration of Allecra’s novel antibiotic to treat resistant Gram-negative bacterial infections in hospitals
Lörrach, Germany and Saint Louis, France– Allecra Therapeutics, a biopharmaceutical company dedicated to the development of novel antibiotics for the treatment of drug-resistant bacterial infections, announces today the initial closing of a staged financing deal designed to complete Phase 3 for Allecra’s lead drug development candidate, AAI101. The round was led by new investor, Xeraya Capital. New investor BioMedPartners also participated in the first stage of the financing, which raised €9 million.
The proceeds will fund development of Allecra’s novel Extended Spectrum β-lactamase inhibitor, AAI101, which is designed to treat drug-resistant Gram-negative bacterial infections. AAI101 is delivered in combination with the powerful 4th generation cephalosporin antibiotic, cefepime.
The combination of cefepime/AAI101 is in Phase 2 clinical development. The combination is designed for use as broad-spectrum antibacterial therapy to treat hospitalized patients who contract serious infections caused by Gram-negative bacteria, often proven or suspected to express certain resistance mechanisms, particularly extended-spectrum β-lactamases (ESBLs).
The Centers for Disease Control and Prevention [CDC] have estimated1 that in the U.S. alone at least 2 million people each year acquire serious infections due to drug-resistant bacteria.
Jason Rushton, Partner at Xeraya Capital will join Allecra’s Board of Directors. Jason commented, “Allecra is focused to combat serious Gram-negative antibacterial resistance, one of the most widespread and fastest-growing public health concerns of this decade. Allecra’s lead product is a compelling approach to address the problem and the Company continues to benefit from considerable support from its current investors, external experts and key regulatory agencies.”
Thomas Moeller of BioMedPartners also joins Allecra’s Board of Directors as observer.
Nicholas Benedict, Allecra’s Chief Executive Officer, added, “We are delighted with this investment from Xeraya and BioMed. Their expertise and support will complement the existing investor syndicate and will help drive our Company into the next stage of development. This staged financing deal is a milestone for Allecra andpaves the way to the end of the Phase 3 trial with Allecra’s lead product.”
1Centers for Disease Control and Prevention, U.S. Department of Health and Human Services Antibiotic Resistance Threats in the United States, 2013
