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Cardeas Pharma completes $34M in Series B financing

Friday, May 24, 2013

Cardeas Pharma, a biopharmaceutical company focused on multi-drug resistant (MDR) bacterial infections, has completed a $34 million Series B round of financing.

The round was led by new investor H.I.G. BioVentures, and included existing investors Novo, Avalon Ventures, Devon Park Bioventures and WRF Capital (Washington Research Foundation), as well as additional new investor Delphi Ventures. Aaron Davidson, managing director of H.I.G. BioVentures, will join the Cardeas board of directors.

Funds from this financing will be used to support phase II development of Cardeas’ lead compound, investigational amikacin/fosfomycin inhalation solution delivered via an eFlow InLine Nebulizer system, as a potential treatment for healthcare associated pneumonia (HCAP) in patients on mechanical ventilation. Cardeas completed its phase Ib study in patients in March of this year.

“There is a significant need for novel antibiotic therapies for the treatment of resistant pathogens in respiratory disease in the critical care setting,” said Aaron Davidson. “As a new member of the board of directors, I look forward to working with the Cardeas management team to advance phase II efforts for their first development program.”

Treatment of HCAP/VAP currently requires intravenous antibiotic therapy targeting Gram‑negative and/or Gram-positive bacteria. Cardeas’ investigational product delivers a novel combination of the antibiotics amikacin and fosfomycin as an aerosol formula and is being studied as an adjunctive therapy to treat multi-drug resistant Gram-negative and Gram-positive (including MRSA) pneumonia. In development of its investigational antibiotic therapy, Cardeas is in partnership with PARI Pharma, which is studying its proprietary investigational eFlowInLine Nebulizer for the administration of the inhalation antibiotic combination in patients on mechanical ventilation.

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