Mpex Pharmaceuticals has reeled in $27.5 million in the first closing of a Series D round of financing as the firm advances its inhaled antibiotic for chronic respiratory ailments through clinical trials, according to the company.
The San Diego-based drug developer says that its fourth round of financing was led by Investor Growth Capital and included investments from SV Life Sciences, HBM BioVentures, Aberdare Ventures, and Adams Street Partners. Mpex notes that its backers have committed to invest up to $40 million in the Series D round.
Mpex CEO Daniel Burgess says in a prepared statement that this latest round of financing is enough to fund the company through its Phase 2 trials of an inhaled version of approved antibiotic levofloxacin to prevent lung infections in patients with cystic fibrosis as well as chronic obstructive pulmonary disease. The company also plans to use the financing to prepare for late-stage clinical trials needed to get marketing approval for the drug.