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June 20, 2006
Rib-X Pharmaceuticals Raises $50 Million
in Series C Financing
Rib-X Pharmaceuticals is developing new classes of antibiotics. Their unparalleled understanding of the structure of the ribosome, a validated target in bacteria, has led to several distinctive new antibiotic classes in a fraction of the time taken by previous efforts to inhibit the machinery in these bacteria. The company's most advanced program, the Rc-01 program, is in Phase I as an oral/IV agent to treat serious Gram-positive infections.
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Rib-X Pharmaceuticals,
Inc., a privately-held biopharmaceutical company focused
on designing and developing next-generation antibiotics,
today announced that it has raised $50 million in Series
C Preferred Stock financing. The round was led by existing
investor Warburg Pincus, the global private equity investment
firm. This latest round of financing brings the total
amount raised by the company, since its inception in 2001,
to $123 million.
In addition to Warburg Pincus, participants in the financing
included existing investors: ABS Ventures, Axiom Venture
Partners, Cardinal Partners, EuclidSR Partners, Oxford
Bioscience Partners and S.R. One, Limited. Two new investors
joined the round: MedImmune Ventures, Inc. and Radius
Ventures. In conjunction with the financing Dr. Wayne
T. Hockmeyer, President of MedImmune Ventures and Chairman
of MedImmune, Inc., will join the Rib-X Board of Directors,
bringing the total number of board members to nine.
"I am gratified by the interest in Rib-X from these
distinguished new investors and am particularly proud
of the support shown by our existing shareholders,"
said Dr. Susan Froshauer, President and Chief Executive
Officer of Rib-X. “These new funds will fuel the
advancement of our two active clinical-stage programs
and further the build out of our pipeline of new antibiotic
clinical candidates derived from the company’s proprietary
high-resolution x-ray crystallography and computational
chemistry technologies.”
"In the last three years, Rib-X has transitioned
from a promising, technology platform venture to a leading,
clinical-stage antibiotics company," commented Stewart
Hen, a Warburg Pincus managing director. "The company
now has important products in development to treat the
serious unmeet need of drug-resistant bacteria in both
the hospital and outpatient settings. We believe Rib-X
is positioned to redefine the antibiotics landscape in
the future with novel drugs from its proprietary engine:
drugs that could not readily be developed using traditional
approaches to antibiotic drug discovery."
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