Healthcare Industry News: GE Capital
News Release - May 23, 2012
Zurex Pharma Inc. Secures $6.2 Million Series A FinancingBaird Venture Partners and State of Wisconsin Investment Board Lead Investment in Innovative Medical Technology Company
MIDDLETON, Wis., May 23, 2012 -- (Healthcare Sales & Marketing Network) -- Zurex Pharma, Inc. (Zurex), a life sciences company with a novel antimicrobial technology platform, announced today it has raised $6.2 million in Series A financing, led by Baird Venture Partners and the State of Wisconsin Investment Board (SWIB), with participation from Wisconsin Investment Partners, Peak RidGE Capital and individual investors. Zurex will use the capital to develop and commercialize a portfolio of innovative antimicrobial products designed to prevent healthcare acquired infections with a focus on surgical site wounds and catheter-related infections.
The Centers for Disease Control (CDC) estimates that 1.7 million hospital acquired infections occur in the US each year, which cause or result in almost 100,000 deaths. Other reports estimate that 10%, or 2 million patients per year become infected, with annual healthcare costs ranging from $4.5 billion to $11 billion. Zurex is focused on the development and commercialization of three novel, proprietary products designed to prevent and minimize healthcare acquired infections in a variety of inpatient, ambulatory and home care settings.
"The increasing concern on hospital and home care safety, particularly in relation to healthcare acquired infections, leads to a very compelling market opportunity for Zurex," said Michael Liang, Ph.D., Partner at Baird Venture Partners, which is part of a group that has made more than 20 investments in Wisconsin since the 1980s. "The Zurex team has a strong track record of developing innovative medical products and bringing them to market. We look forward to complementing their deep expertise with our operating resources and working together to take the company to the next level."
"The Zurex executive team is very excited about partnering with Baird Venture Partners and SWIB in addition to securing this vital financing for the company. Our initial product targets have demonstrated impressive results throughout the spectrum of preclinical and clinical development, and we look forward to the opportunity to provide our innovative portfolio of infection control products to healthcare providers and patients," said Carmine Durham, President and CEO of Zurex.
"We have been meeting with Carmine for over two years and have watched him develop a compelling vision and strategy for Zurex. Carmine has also built a top notch management team of Andrew Morgan and Mike Pawlak that has been executing on the Zurex plan while taking advantage of new opportunities along the way. We are pleased to have the opportunity to invest alongside Baird Venture Partners, Wisconsin Investment Partners and Peak RidGE Capital," said Chris Prestigiacomo, SWIB Portfolio Manager. "By participating in the Zurex financing, we continue our long-standing support of Wisconsin's early stage companies."
As part of the transaction, Liang and Baird Venture Partners Operating Partner Fred Robertson, M.D., will join Zurex's Board of Directors.
Source: Zurex Pharma
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