Newly created startup Allecra Therapeutics is being launched with $19.5 million in financing to develop novel antibiotics to combat multi drug-resistant bacterial infections.
Antibiotic resistance is an area of significant unmet need, often compromising doctors’ ability to treat serious bacterial infections. In March 2012, the Innovative Medicines Initiative of the European Union committed more than $280 million toward a public private partnership made up of pharmaceutical companies and academics with a focus of speeding up research for new antibiotics to combat antimicrobial resistance.
Allecra’s mission is to do just that. It has been formed as a strategic partnership between the company’s founders including Nicholas Benedict, CEO of Allecra working in conjunction with the Indian drugmaker Orchid Chemicals & Pharmaceuticals.
“To combat the increasing threat of bacterial resistance the medical community is trying to conserve the use of currently available antibiotics. At the same time, the biopharmaceutical industry is working to find new antibiotics,” says Benedict. “These objectives are complimentary activities in the increasingly urgent battle against bacterial resistance. Allecra has been formed in order to find new cures for some of the most widespread and hardest to treat resistant infections.”
Orchid is among the top pharmaceutical companies in India with experience across many segments including anti-infectives. It has a presence in more than 70 countries around the world through alliances, joint ventures and partnerships. Edmond de Rothschild Investment Partners and Forbion Capital Partners co-led a series A round for Allecra, with participation by EMBL Ventures.
April 19, 2013