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Rib-X Raises $51 Million
Warburg Pincus leads second financing round.
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Business New Haven
5/12/2003
By: BNH
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NEW HAVEN - Rib-X Pharmaceuticals has completed a $63.5 million Series B Preferred Stock financing round led by Warburg Pincus, a private equity investor with substantial health-care holdings. This brings the total amount raised by Rib-X since its 2000 inception to more than $73 million.
New investor Warburg Pincus led the round with a $31 million investment. All of Rib-X's previous investors also participated in this round, including Axiom Venture Partners, Cardinal Partners, Connecticut Innovations Inc., EuclidSR Partners, Oxford Bioscience Partners, S.R. One, Limited and Zero Stage Capital.
Based in New Haven, Rib-X is a privately held biotechnology company focused on the discovery of novel anti-infectives.
"We are proud to have merited this level of investor confidence from such a distinguished group of investors, particularly given current market conditions, and believe it demonstrates the potential of our technology and our success in implementing our business plan," said Susan Froshauer, Rib-X's president and CEO.
The financing consisted of $51 million of new funding from new and existing investors, in addition to the receipt of $12.5 million committed capital from investors who participated in Rib-X's earlier venture round.
"Utilizing less than $10 million from our initial fundraising and in a year and a half, we have established the company, assembled a top-tier, multifaceted research and development team and initiated several parallel candidate generation programs," said Froshauer.
"We are confident that the infusion of the $63.5 million will power our discovery and development efforts to pursue several series of compounds into Phase II clinical trials," she added.
In conjunction with the financing, Rib-X also announced that Warburg Pincus Managing Directors Stewart Hen and Jonathan Leff would be joining the Rib-X board of directors, effective immediately, bringing the total number of board members to seven.
Rib-X Pharmaceuticals is a small molecule drug-discovery company focused on the structure-based design of new classes of anti-infective agents. Its drug-discovery strategy is focused on the exploitation of its proprietary high-resolution crystal structure of the 50S subunit of the ribosome to which many known antibiotics bind.
The company's research approach combines proprietary computational analysis, X-ray crystallography, medicinal chemistry, microbiology and biochemistry.
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