Cerexa developed hospital-based anti-infective therapies for the treatment of patients with serious, life-threatening infections. Formed in the spring of 2005 as a spin-out from Peninsula Pharmaceuticals, it was sold to Forest Laboratories in 2007 for nearly $500 million. In 2010, the FDA approved its lead product, TeflaroTM (ceftaroline fosamil), a broad-spectrum bactericidal cephalosporin with activity against both gram-positive and gram-negative microorganisms. No Pappas Ventures portfolio company has progressed more rapidly from company creation to exit to FDA product approval.