The round was led by New Enterprise Associates with participation from Adams Street Partners, LYZZ Capital, Hatteras Venture Partners and Stanford University Draper Fund as well as the Biomedical Advanced Research and Development Authority.
Led by Michael Dudley, PharmD, President and CEO, Qpex is focused on developing new antibiotics for global antimicrobial resistance. Upon closing of the transaction, the company acquired the preclinical-stage anti-infective assets of The Medicines Company (MDCO), including proprietary beta-lactamase inhibitor technology with unique pharmacological properties, including broad spectrum of coverage.
The Qpex management team is comprised of former executives from The Medicines Company’s infectious disease business unit who were integral in the development/approval of four antibiotics in the last five years, including three products while at The Medicines Company, and previously were executives at the successful antibiotic companies Rempex Pharmaceuticals and Mpex Pharmaceuticals.
Qpex, through its wholly-owned subsidiary, has a strategic partnership with BARDA that provides the potential for up to $132 million to support the development of a portfolio of new antibiotics to fight drug-resistant, gram-negative infections (HHSO100201600026C). The partnership was established under an Other Transactional Authority (OTA). The initial award in 2016 was for $32mn, with up to an additional $100m available if all options to extend the partnership are exercised by BARDA.