Antibiotics Upstart Allecra Nabs $24.7 Million Series B Financing
Published: Jun 15, 2016
- Funding Supports Phase 2 Development of Novel Antibiotic to Treat Resistant Gram-negative Bacterial Infections in the Hospital
LÖRRACH, Germany and SAINT LOUIS, France, June 15, 2016 /PRNewswire/ --
Allecra Therapeutics, a biopharmaceutical company dedicated to the development of novel antibiotics to combat drug-resistant bacterial infections, announced today the closing of its €22 Million Series B investment round. The round was led by new investor, Delos Capital. Existing investors Forbion Capital Partners, Edmond de Rothschild Investment Partners, EMBL Ventures and Allecra's co-Founder Nicholas Benedict also participated.
The proceeds will fund Phase 2 development of AAI202, Allecra's proprietary, novel antibiotic combination designed to treat drug-resistant Gram-negative bacterial infections. AAI202 is a combination of a powerful ß-lactam antibiotic together with a proprietary, novel Extended Spectrum ß-Lactamase Inhibitor. The combination is designed for use as broad-spectrum antibacterial therapy to treat hospitalized patients who contract infections caused by Gram-negative bacteria proven or suspected to express certain resistance mechanisms, particularly extended-spectrum ß-lactamases (ESBLs).
The Centers for Disease Control and Prevention [CDC] have estimated that in the USA alone at least 2 million people each year acquire serious infections due to drug-resistant bacteria.
"FDA has granted QIDP status [Qualified Infectious Disease Product] for AAI202, including eligibility for Fast-Track designation in the USA" commented Nicholas Benedict, Allecra's CEO.
"QIDP facilitates getting a potentially life-saving new antibiotic to patients in the USA. The FDA is not alone in recognizing that Gram-negative antibiotic resistance is a growing and a widespread epidemic, somewhat analogous to the situation with MRSA [methicillin-resistant Staphylococcus aureus] during the last decade."
Holger Reithinger of Forbion Capital Partners and Allecra's Chairman, added, "This Series B investment into Allecra enables pursuit of the development program of AAI202, speeding the potential availability of AAI202 to patients who need it. Forbion is confident that Allecra can build on the already positive results for AAI202 and has invested in excess of our pro-rata share by deploying capital from both our main fund and now also from our latest co-invest fund."
Henry Chen, Managing Partner of Delos Capital commented, "Delos finds Allecra's highly focused approach to combatting drug-resistant Gram-negative infections compelling. The company is working on one of the most important public health issues of our time and brings a deeply experienced team to address the problem. We are confident that Allecra can make a significant contribution to the fight against drug-resistant infections."
About Allecra Therapeutics
Allecra is a biopharmaceutical company established in 2013 in the European BioValley Life Sciences cluster located in the Upper Rhine valley encompassing northwest Switzerland, southwest Germany and the Alsace Region of France. Allecra is focused on the development of novel treatments to combat multi drug-resistant Gram-negative bacterial infections. Allecra's mission is to contribute towards the global effort to combat antibiotic resistance by developing new treatments which overcome emerging resistance mechanisms, thereby saving lives of patients whose infections may otherwise be inadequately treated. Allecra's wholly-owned French subsidiary is a beneficiary of financial support from the French public bank Bpifrance and from the Région Alsace. For more information on Allecra please visit http://www.allecra.com or email firstname.lastname@example.org.
About Forbion Capital Partners
Forbion Capital Partners is a dedicated life sciences venture capital firm with offices in The Netherlands and Germany. Forbion invests in life sciences companies in the pharmaceutical, as well as the medical device space. Forbion's investment team has built an impressive performance track record since the late nineties with successful investments in multiple companies. With the new FCFIII fund, Forbion manages well over €700 Million across six funds, including the new fund FCF III. Its investors include the EIF through its European Recovery Programme (ERP), LfA and Dutch Venture Initiative (DVI) facilities and the KFW through the ERP - Venture Capital Fondsfinanzierung facility. Forbion also operates a joint venture with BioGeneration Ventures, who manages two separate seed and early stage funds focused on Benelux. For further information please visit http://www.forbion.com.
About Delos Capital
Delos Capital is a healthcare-focused fund that invests in growth platforms in Greater China and innovation in the US in the areas of therapeutics and medical technology. Delos Capital seeks to achieve returns through supporting these companies in their development and also helping to create additional value from collaboration between these companies. Founded in 2014, Delos Capital operates from its main office in Hong Kong. For more information, please visit http://www.delos.capital.
About Edmond de Rothschild Investment Partners
Edmond de Rothschild Investment Partners is a leading investor in minority investments into privately-owned companies. Affiliate of the Edmond de Rothschild Group, the fund management employs 41 employees and has approximately €1.3 Billion under management. Its Life Sciences team of nine professionals brings together over 60 years of experience in the Life Science industry and more than 100 years of private equity and venture capital experience. The team has raised more than €450 Million through its Biodiscovery franchise and is currently completing the investment of BioDiscovery 4 fund. Since their inception, BioDiscovery Funds have invested in 54 privately-held companies, of which 14 have been sold and 16 listed on public financial markets, while 23 are active in the portfolios. For more information, please visit http://www.edmond-de-rothschild.com.
About EMBL Ventures
EMBL Ventures, based in Heidelberg, invests throughout Europe in life science companies with the aim to create significant commercial opportunities based on new therapeutic treatment modalities, next generation enabling technology platforms or innovations in the diagnostics and device area. EMBL Ventures manages more than €120 Million on behalf of major European institutional and private investors and typically invests €3 to 5 Million as lead or co-lead investor. For more information, please visit http://www.embl-ventures.com.
1. Centers for Disease Control and Prevention, U.S. Department of Health and Human Services Antibiotic Resistance Threats in the United States, 2013
- Venture Capital
- bacterial infections
- antibiotic resistance
- Gram-negative bacteria