MIDDLETON, Wis.–(BUSINESS WIRE)–Zurex Pharma, Inc. (“Zurex” or “the Company”), a medical technology company developing a novel platform of antimicrobial products designed to minimize and prevent health care-associated infections, today announced a significant capital raise ahead of its first New Drug Application (NDA) submission. The equity financing was led by the Company’s current shareholders with a portion of the funding comprised of debt financing provided by Square 1 Bank, a division of Pacific Western Bank (“Square 1”), a full service banking partner to entrepreneurs and their investors. The capital will be used to support Zurex’s pending NDA submission and review by the US Food and Drug Administration (FDA) for sales and marketing approval of its pre-surgical skin preparation product, ZurexPrep™, and will also fuel ongoing platform development activities.
“Successful clinical development and regulatory approval of the ZurexPrep™ product line further validates our antimicrobial platform and opens up numerous opportunities for a portfolio of new infection prevention and wound care products.”
“We are very excited about the near-term NDA submission for our first product, ZurexPrep™,” said Carmine Durham, Zurex’s President and CEO. “Our team is grateful for our strong and supportive investor base and glad to have Square 1 on board as our financial services partner.”
Surgical site infections (SSIs) are the most costly hospital-acquired infection, with associated costs ranging from $3.5 billion – $10 billion per year. In addition to the economic burden, SSIs typically cause prolonged patient suffering and hospitalization and can significantly increase the risk of death. The vast majority of SSIs are caused by normally harmless native bacteria on a patient’s skin or body migrating into a surgical wound; however, no new health care antiseptic alternatives or pre-surgical skin preparations, designed to safely and effectively disinfect the surface of the skin prior to a surgical procedure, have been introduced in almost two decades.
Zurex successfully completed its pivotal Phase 3 clinical trial program for ZurexPrep™, demonstrating favorable efficacy results compared to the market leading product, and is in the final stages of formally submitting the ZurexPrep™ NDA to the FDA in pursuit of sales and marketing approval. Mr. Durham added, “Successful clinical development and regulatory approval of the ZurexPrep™ product line further validates our antimicrobial platform and opens up numerous opportunities for a portfolio of new infection prevention and wound care products.”
About Zurex Pharma, Inc.
Zurex Pharma, Inc. (www.zurexpharma.com) is a specialty pharma and medical technology company with a novel antimicrobial technology platform. The Company’s mission is to develop and commercialize a portfolio of new antimicrobial products designed to prevent Health Care-Associated Infections with a focus on surgical site wounds and catheter-related infections.
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $24 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.square1bank.com.
Zurex Pharma, Inc.
Carmine J. Durham
President and CEO
2113 Eagle Drive
Middleton, WI 53562