Date: 2015-01-19
Type of information: Private placement
Company: NovaBiotics (UK)
Investors: Woodford Investment Management
Amount: £5 million
Funding type: private placement
Planned used: NovaBiotics is a clinical-stage biotechnology company focused on the design and development of first-in-class anti-infectives for difficult-to-treat, medically unmet diseases. The pipeline includes clinical stage antimicrobials that have been derived from NovaBiotics’ proprietary anti-infective peptide platform and a “mini biologic” antibacterial-mucolytic compound (Lynovex®). NovaBiotics lead product, NP213 (Novexatin®) is being developed as a topical treatment for fungal nail infections (onychomycosis). NP213 is in evaluation in clinical trials with the Company’s co-development partner, Taro Pharmaceuticals. NovaBiotics is also developing Lynovex®, an orphan drug treatment for cystic fibrosis. The compound has a unique antibacterial-mucoactive-antibiofilm mode of action that kills bacteria, disables biofilms and disrupts excess mucus produced in the airways of patients with cystic fibrosis (and other chronic respiratory diseases). It is currently being evaluated in a Phase II clinical trial as an oral treatment for exacerbations in cystic fibrosis and is also being formulated for inhalation for longer term, chronic delivery of the drug. The pipeline of preclinical stage drug candidates includes NP339 (Novamycin®), an antifungal peptide agent against Candida spp and other clinically relevant yeasts and moulds as well as NP432 (Novarifyn®), a peptide antibacterial for difficult to treat multi-drug resistant Gram-negative and Gram-positive bacterial infections. The funds will provide working capital to enable NovaBiotics to achieve key value enhancing milestones in the short to mid-term. The priority for the business is driving forward the Company’s clinical stage, first-in-class antimicrobial therapeutics assets.
Others: * On January 19, 2015, NovaBiotics announced that Woodford Investment Management LLP has invested £5.0 million (gross) in a private placement. The private placement with Woodford IM was arranged by Shore Capital as financial adviser and broker to the Company.
Therapeutic area: Infectious diseases
