MGB Biopharma Announces Completion of Funding Round
MGB Biopharma, a biopharmaceutical company developing a novel class of anti-infectives to address the major global problem of antibiotic resistance, has announced the completion of its latest funding round. The over-subscribed fund-raise was supported by new and existing investors, led by Archangel Investors and including Scottish Investment Bank (the investment arm of Scottish Enterprise, Scotland’s national economic development agency), Barwell and TriCapital Investors.
The new funding will allow the company to complete all activities around its ongoing Phase IIa clinical trial with its lead antibiotic MGB-BP-3 and prepare for the next stages of its development and to progress other programmes through to H2 2020.
MGB-BP-3 is a potent bactericidal antibiotic with a completely novel mode of action. An oral formulation is being developed specifically for the treatment of Clostridium difficile-associated disease (CDAD). To-date, MGB-BP-3 is the only antibiotic that has the killing power, combined with the speed of action, to eradicate C. difficile within the first few hours of exposure, helping to prevent the bacteria evading therapy via sporulation. Importantly, MGB-BP-3 has very strong bactericidal activity against the BI/NAP1/027 strain, the most virulent strain of C. difficile, which is largely resistant to current therapy.
Dr Miroslav Ravic, CEO of MGB Biopharma, said: “We are delighted to have secured additional financing from both new and existing investors, who have demonstrated their confidence in the progress of our Phase IIa study. Given its unique properties, we remain confident that MGB-BP-3 could become a new paradigm for the treatment of CDAD, a potentially life-threatening infection.”
Dr Sarah Hardy, Chief Investment Officer at Archangels, said: “There remains a desperate need for novel treatments in our armoury to treat C. difficile infections. The work that MGB Biopharma is undertaking is both important and innovative and the results that have been achieved so far have been very encouraging.”
Kerry Sharp, Director of Scottish Investment Bank, said: “Scotland hosts one of the most sizeable and vibrant life sciences communities in Europe. As one of those community companies, MGB Biopharma is at an exciting stage as it progresses through its Phase IIa clinical trial.”
The Company acknowledges the support to the funding of its Phase IIa trial with MGB-BP-3 from an award from Innovate UK, the Biomedical Catalyst Fund. The Company also acknowledges the support of University of Strathclyde where MGB-BP-3 was discovered and initially developed.