12:00 AM
 | 
Dec 03, 2012
 |  BioCentury  |  Finance

GAIN avoids IPO pain

Rib-X opts for private money over IPO to get Phase III data for delafloxacin

After postponing its IPO in May due to market conditions, Rib-X Pharmaceuticals Inc. turned back to the private markets. The company's new cash infusion should get it to a Phase III data event for its lead antibiotic, delafloxacin

Last week, the company raised $18.7 million in the first tranche of a $67.5 million series 2 preferred round comprising equity and an undisclosed amount of convertible debt. President and CEO Mark Leuchtenberger said Rib-X plans to close the rest around year end.

New investor Vatera Healthcare Partners led the round. Existing investors Warburg Pincus; ABS Ventures; and Vox Equity Partners...

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