Mpex Pharma to raise up to $40M

San Diego, USA-based Mpex Pharmaceuticals says that it has completed a $27.5-million initial closing of a series D financing led by Investor  Growth Capital. Other participants include RiverVest Venture Partners,  as well as existing investors SV Life Sciences, HBM BioVentures,  Aberdare Ventures and Adams Street Partners. They have made commitments  to additional closings that could bring the total series D financing to  $40.0 million.

Mpex' lead product candidate, MP-376, is a proprietary aerosol  formulation of the antibiotic levofloxacin which is being developed as a  maintenance therapy for the prevention of bacterial exacerbations in  patients with chronic respiratory infections. The product is currently  being evaluated in ongoing Phase II clinical trials in patients with  cystic fibrosis and chronic obstructive pulmonary disease.

"This new investment will enable us to complete the ongoing Phase II  trials of MP-376 in both CF and COPD, as well as prepare for Phase III  trials in these indications," said Daniel Burgess, chief executive. "We  now have a very strong investor syndicate to help us advance these  programs rapidly towards commercialization. We believe that this  financing positions us well financially to achieve all of our  development objectives for MP-376," he added.