Press Releases

Cempra Pharmaceuticals Raises $14 Million Round of Financing

Drug development company focused on anti-infectives closes first institutional round

RESEARCH TRIANGLE PARK, NC - August 16, 2006 - Cempra Pharmaceuticals, a biotechnology company developing anti-infective medicines, announced today that it has closed a $14 million financing round.

Venture capital firm Intersouth Partners and investment banker, I. Wistar Morris III, co-led the Series A round. The financing, which will be used to expand product development and to grow the portfolio of products, is Cempra's first institutional round of funding. Garheng Kong of Intersouth Partners will join Wistar Morris on the company's Board of Directors.

Cempra's development program is addressing the growing need for better and safer antibiotics that act against antibiotic-resistant bacteria. Bacterial drug resistance is a significant problem in treating infection, and will continue to be a challenge to physicians and patients as the use of antibiotics expands. Cempra's first program focuses on the need for a new generation of advanced macrolides that will address this issue of resistance while providing better safety and efficacy. The company was founded in January 2006 by a team with experience in discovering and developing anti-infectives and is supported by a world-class Scientific Advisory Board and advisors comprised of renowned industry experts.

"We believe that Cempra is positioned to make significant breakthroughs in macrolides that will serve thousands of patients every year," said Garheng Kong of Intersouth Partners. "The company's proprietary chemistry platform will enable a series of macrolides previously unavailable. We're excited to be working with Cempra to develop this important class of drugs."

Wistar Morris who has been acutely aware of the need to develop new antibacterials agents said, "Under Prabha Fernandes' entrepreneurial leadership, we expect other antibiotic platform opportunities will occur."

"We are very pleased to have this funding as we add to our experienced team and work towards developing the products that will help address the global threat of antibiotic resistance," said Prabhavathi Fernandes, President & CEO of Cempra Pharmaceuticals. "With the support of our financial partners, the Cempra team is eager to build a portfolio of anti-infective agents."