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Article: Spinout Cerexa Raises $50M In First Round For PPI-0903.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
Four months ago Ortho-McNeil Pharmaceuticals Inc. said it was acquiring Peninsula Pharmaceuticals Inc. for $245 million. But the merger left behind Peninsula's lead antibiotic, which went on to become the lead product for spinout Cerexa.
Tuesday Cerexa announced that it raised $50 million in its initial financing, and Peninsula's former management team has taken over the Alameda, Calif., facilities to lead Cerexa and guide its inherited cephalosporin antibiotic, PPI-0903, through development. (See BioWorld Today, April 20, 2005.)
The $50 million will allow the company to take PPI-0903 into Phase II trials later this year and to its ...