Rib-X Closes First Tranche of $67.5 Million Preferred Stock Financing

11/29/12Follow @cathyarnst

[Updated 11:21 a.m.] Rib-X Pharmaceuticals of New Haven, CT, said today that it closed the first tranche of a $67.5 million Series 2 preferred stock financing, with a second tranche expected to close by year end. The company says it will use the money to fund a Phase 3 clinical trial of delafloxacin, an antibiotic for acute skin infections usually contracted in hospitals.

The round of financing was led by a new investor, Vatera Healthcare Partners, and also included existing investors Warburg Pincus, ABS Ventures and Vox Equity Partners.

Just a year ago Rib-X announced a planned IPO, but then postponed the offer indefinitely in May because of poor stock market conditions. [Sentence added with CEO's comment about postponed IPO] CEO Mark Leuchtenberger said in response to my query that “we don’t have any immediate plans for an IPO, but the Board will undoubtedly consider all alternatives to raise future capital in order to advance the company’s drug candidates.” Rib-X has raised $208.4 million in venture funding since starting 12 years ago, and its fortunes were also boosted in July 2011 when it signed a deal with Sanofi (NYSE: SNY) to develop new classes of antibiotics that could bring it as much as $772 million.

By posting a comment, you agree to our terms and conditions.