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Mpex Pharmaceuticals Announces Series D Financing of Up to $40 Million
Date:2/10/2009

SAN DIEGO, Feb. 10 /PRNewswire/ -- Mpex Pharmaceuticals, Inc. today announced that it has completed a $27.5 million initial closing of a Series D financing led by Investor Growth Capital. Other participating investors include RiverVest Venture Partners, as well as existing investors SV Life Sciences, HBM BioVentures, Aberdare Ventures and Adams Street Partners. These investors have made commitments to additional closings that could bring the total Series D financing to $40.0 million.

Mpex's lead product candidate, MP-376, is a proprietary aerosol formulation of the antibiotic levofloxacin which is being developed as a maintenance therapy for the prevention of bacterial exacerbations in patients with chronic respiratory infections. MP-376 is currently being evaluated in ongoing Phase 2 clinical trials in patients with cystic fibrosis (CF) and chronic obstructive pulmonary disease (COPD).

"This new investment will enable us to complete the ongoing Phase 2 trials of MP-376 in both CF and COPD, as well as prepare for Phase 3 trials in these indications," said Daniel Burgess, President and Chief Executive Officer of Mpex. "We now have a very strong investor syndicate to help us advance these programs rapidly towards commercialization. We believe that this financing positions us well financially to achieve all of our development objectives for MP-376."

"MP-376 is a novel formulation of a proven antibiotic specifically designed for aerosol administration with a well-validated delivery system," said Sam Nickerson of Investor Growth Capital. "We are encouraged by the clinical data in CF patients to date and believe that if MP-376 is successful in reducing exacerbations in COPD patients, it will represent an important new therapy for this indication as well." In connection with the financing, Mr. Nickerson will join Mpex's board of directors.

CF is a hereditary disease affecting approximately 30,00
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SOURCE Mpex Pharmaceuticals, Inc.
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