An Aberdeen-headquartered life sciences firm has secured seven-figure funding as it looks to push into the lucrative US market.
EnteroBiotix, a company which harnesses bacteria from the human gut to prevent and treat infections and diseases, has closed an oversubscribed investment round of £2 million.
It signals a further boost for Scotland's life sciences sector and comes as the firm gears up for international expansion following the recent launch of its office in Boston, Massachusetts, from which it will drive operations and business development in the US market.
Chief executive James Clark hailed the US city as housing one of the world's "most active life sciences clusters".
The funding round was led by Scottish angel firm Equity Gap and supported by existing investors the Scottish Investment Bank (the investment arm of Scottish Enterprise), the University of Aberdeen and the Bank Workers Charity. It included backing from new investors Barwell, Gabriel, Syndicate Room, Fund Twenty8, NCIMB and SIS Ventures.
EnteroBiotix has also launched a strategic collaboration with the University of Glasgow to support research which the company hopes will allow it to create an "entirely novel" medicinal product. The partnership is supported by the Medical Research Council's Confidence in Concept (CiC) scheme.
In September the biopharmaceutical venture was thought to become the first company in the world to gain a licence from the Medicines and Healthcare Products Regulatory Agency to produce faecal microbiota for therapeutic applications.
James McIlroy, founder and president of EnteroBiotix, said: “We are delighted with the support of both existing and new investors as we strengthen our leadership position in the field of microbiome therapeutics. This investment round and our new office in the States enables us to achieve key regulatory, operational and clinical milestones as we continue to develop and advance our product pipeline for the benefit of patients.”
Clark added: “The seed extension financing and strategic expansion in the US allows our team to develop strong partnerships in one of the most active life science clusters in the world and further accelerate the development of EnteroBiotix.”
Kerry Sharp, director of the Scottish Investment Bank, said: “SIB is delighted to provide follow on funding alongside existing and new investors in Enterobiotix. This round of investment will fund ongoing scientific advances which will bring significant health benefits to patients as well as support expansion overseas. We look forward to continuing to work with this company to support it in achieving its growth ambitions.”