Tetraphase Pharmaceuticals raises $45M in Series C financing

Tetraphase Pharmaceuticals, a clinical stage biopharmaceutical company utilizing breakthrough synthetic chemistry technology to discover and develop next-generation antibiotics, today announced that it has raised $45 million in a Series C financing. Excel Venture Management led the round with participation from existing investors CMEA Ventures, Fidelity Biosciences, Flagship Ventures, Mediphase Venture Partners and Skyline Ventures.

“Tetraphase's transformational and proprietary chemistry platform enables - for the first time - the ability to design and create thousands of novel tetracyclines, which are a known, powerful class of antibiotics, giving them many shots on goal to develop potent antibiotics with unique properties for treating serious drug-resistant infections”

Proceeds from the Series C financing will be used to advance Tetraphase's pipeline of novel antibiotics, into Phase 1 and Phase 2 clinical studies. The company's lead product candidate, TP-434, a broad spectrum intravenous (IV) antibiotic with the potential for superior potency against Gram- negative pathogens is anticipated to enter Phase 2 clinical studies in 2010. In addition, the Company will advance two novel IV/oral antibiotics, TP-2758, which is designed to treat complicated urinary tract infections (cUTI) and, TP-834, for the treatment of community acquired bacterial pneumonia (CABP).

"We are delighted by the strong investor interest in this Series C financing which reflects the value created since our last round and validates the unique potential of Tetraphase's platform and product pipeline," said Guy Macdonald, President and Chief Executive Officer of Tetraphase. "This new financing will allow us to advance our portfolio of novel antibiotic candidates into the clinic to address serious infections caused by drug-resistant gram-negative bacterial pathogens where few treatment options exist."

"Antibiotic resistance is a continually emerging and extremely serious global health crisis. We urgently need to develop an adequate and effective antibiotic armamentarium to deal with it and the antibiotics being developed by Tetraphase will be welcome additions," said Robert C. Moellering Jr., M.D., the Shields Warren-Mallinckrodt Professor of Medical Research at Harvard Medical School.

"Tetraphase's transformational and proprietary chemistry platform enables - for the first time - the ability to design and create thousands of novel tetracyclines, which are a known, powerful class of antibiotics, giving them many shots on goal to develop potent antibiotics with unique properties for treating serious drug-resistant infections," said Steve Gullans, Ph.D., Managing Director of Excel Venture Management.

In connection with this financing, Dr. Gullans of Excel Venture Management will join the Board of Directors of Tetraphase.