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.
“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. Read the full story here.