New Anti-infectives Company, Allecra Therapeutics, created with €15 million Series A Financing
Lörrach, Germany and Saint Louis, France – The creation of Allecra Therapeutics, a new company joining the established European BioValley Life Sciences cluster, was announced today. Allecra is a biopharmaceutical company dedicated to the development of novel antibiotics to combat multi drug-resistant bacterial infections. Allecra’s €15 million Series A financing round was co-led by Edmond de Rothschild Investment Partners and Forbion Capital Partners. EMBL Ventures also participated. Allecra is a strategic partnership between the company’s founders including Nicholas Benedict, CEO of Allecra working in conjunction with Orchid Chemicals & Pharmaceuticals Limited (Chennai, India).
Bacterial resistance to current antibiotics is widespread and growing exponentially, compromising doctors’ ability to treat serious infections in patients receiving care both in hospitals and in the community. Governments, non-governmental agencies and the medical community have called for increased urgency and decisive action to combat what has been called the “epidemic of antibiotic-resistance”. Allecra‘s mission is to contribute to this cause by developing new treatments which overcome emerging bacterial resistance mechanisms, thereby saving lives of patients whose infections may otherwise may be inadequately treated.
Nicholas Benedict, Allecra’s CEO said, “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. 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.”
Commenting on this partnership, Orchid’s Chairman & Managing Director, Mr K. Raghavendra Rao said, “We have always believed in building collaborative business models to achieving our vision. This strategic partnership with Allecra is yet another demonstration of how we can create value by harnessing the relative strengths of each company.”
Holger Reithinger of Forbion Capital Partners and member of Allecra’s Board said, “It is our shared objective at Allecra to deliver to the medical community novel treatments to help fight the epidemic of bacterial resistance. We have a specialist team, each of whom is deeply experienced in the development of antibiotics and which collectively is supported by a world-leading group of Opinion Leaders.”
Olivier Litzka of Edmond de Rothschild Investment Partners and member of Allecra’s Board added, “Allecra’s strategic partnership with Orchid is an innovative collaboration bringing together Allecra’s strong development capability with Orchid’s track record in antibiotic research and manufacturing. Allecra is supported by a Scientific Advisory Board consisting of world-renowned experts and Allecra’s Board of Directors comprises key appointments of entrepreneurs and industrialists with records of success in this area. This is a new company built on a solid foundation for success.”