Fenwick & West represented Cardeas Pharma Corporation, a biopharmaceutical company focused on the development of innovative therapies for the treatment of multi-drug resistant (MDR) bacterial infections, in its recently announced $34 million series B Financing. The round was led by new investor H.I.G. BioVentures, LLC, and also included existing investors NOVO A/S, Avalon Ventures, Devon Park Bioventures, WRF Capital as well as an additional new investor Delphi Ventures. As part of the financing, Aaron Davidson, Managing Director of H.I.G. BioVentures will join the Cardeas board of directors.
The company plans on utilizing the new funds to support Phase 2 development of Cardeas’ lead compound, investigational amikacin/fosfomycin inhalation solution delivered via an eFlow® InLine Nebulizer system, as a potential treatment for healthcare associated pneumonia (HCAP) in patients on mechanical ventilation.