Date: 2014-09-17
Type of information: Financing round
Company: MGB Biopharma (UK)
Investors: Archangels (UK), Barwell PLC (UK), TRI Cap (UK), the Scottish Investment Bank (UK)
Amount: £4.0 million ($6.4 million - €5.02 million)
Funding type: financing round
Planned used: MGB Biopharma will use the funding to conduct a Phase I trial that will investigate the oral formulation of MGB-BP-3 for use in the treatment of C. difficile infections. Approximately 40 healthy subjects are expected to be enrolled into the single centre, double-blind, placebo controlled, Phase I trial to determine the safety and tolerability of single and multiple ascending doses of oral MGB-BP-3. The trial will also examine the effect of MGB-BP-3 on normal gut flora. It is expected to start in the first half of 2015.
In parallel to the clinical development of the oral formulation, MGB Biopharma will complete the pre-clinical development of the intravenous formulation of MGB-BP-3 and expects to be IND-ready by the end of next year. The intravenous formulation has shown activity in a broad range of hospital-acquired Gram-positive pathogens including resistant and susceptible Staphylococcus, Streptococcus and Enterococcus species. This new formulation of MGP-BP-3 is designed to broaden the utility of this novel antibiotic in the hospital environment where the medical need for new products to meet the challenge of microbial resistance is most acute.
MGB-BP-3 is a truly novel compound, based on minor groove binder (MGB) technology developed by the scientists from the University of Strathclyde. It represents a new class of drugs with a new mechanism of action that could transform the treatment of common, and potentially fatal, infectious diseases. In addition to medicines against Gram-positive pathogens, the MGB-based anti-infective platform has the potential to deliver drugs against multi-resistant Gram-negative pathogens, viruses, fungi and parasites.
Others: * On September 17, 2014, MGB Biopharma announced that it has secured £4.0m ($6.4m) to advance the development of its lead antibacterial, MGB-BP-3, against a range of Gram-positive infections including Clostridium difficile and methicillin-resistant and susceptible Staphylococcus species. MGB-BP-3 is the first antibacterial for over a decade with a novel mode of action from a truly novel class to be developed globally.
Funding of £2.7m has been provided by a syndicate of investors, led by Archangels, and includes existing investors Barwell PLC, TRI Cap and the Scottish Investment Bank, the investment arm of Scottish Enterprise. This brings the total funding secured by MGB Biopharma since the beginning of this year to £4.0m, including a prestigious £1.3m funding award announced in June by Innovate UK, formerly the Technology Strategy Board (TSB), under its Biomedical Catalyst programme.
Therapeutic area: Infectious diseases
