PROTEZ PHARMACEUTICALS CLOSES $15 MILLION FINANCING TO PROGRESS LEAD ANTIBIOTIC COMPOUND
Protez Pharmaceuticals, a developer of innovative antibiotics to combat drug-resistant and life-threatening infections, today announced the closing of a $15 million Series B financing. Protez intends to use the proceeds from the financing to accelerate development of its lead compound SMP-601, a potent injectable antibiotic with a uniquely broad spectrum of activity against both drug resistant gram-positive and many gram negative pathogens. These organisms cause millions of infections in hospitalized patients in the U.S. each year and are a major source of mortality and expense. Protez intends to initiate clinical trials with SMP-601 during 2006.