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Orchid Chemicals & Pharmaceuticals has entered into a strategic partnership with Europe-based venture capital funded Allecra Therapeutics to develop novel antibiotics to combat multi-drug resistant bacterial infections. As part of its investment into Allecra, Orchid has assigned to Allecra IP (intellectual property) related to an antibiotic discovery program which will then be pursued through further trials by Allecra.
Under the terms of the agreement, together with shareholding, Orchid will also be paid an upfront sum and is eligible to receive further royalties and exit bonuses based on Allecra's progress.
Allecra's €15 million series A financing round was co-led by Edmond de Rothschild Investment Partners and Forbion Capital Partners. EMBL Ventures also participated.
Bacterial resistance to current antibiotics is widespread and growing exponentially leading to increased urgency to combat what has been called the "epidemic of antibiotic-resistance". Allecra will aim to contribute to this cause by developing new treatments which overcome emerging bacterial resistance mechanisms, thereby saving lives of patients whose infections may otherwise be inadequately treated.
The company made this announcement during the trading hours today, 18 April 2013.
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