MGB Biopharma, which is developing a “novel” class of anti-infectives, yesterday unveiled the completion of the over-subscribed fundraise.
The round was supported by new and existing investors, led by Archangel Investors and including the Scottish Investment Bank (the investment arm of Scottish Enterprise), Glasgow-based venture capital company Barwell, and Melrose-based angel group TriCapital Investors.
MGB said the funding will allow it to complete 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.
The trial is mulling incremental doses of MGB-BP-3 in patients with C.difficile-associated disease, a potentially life-threatening infection of the large intestine.
MGB-BP-3 is described as 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.
MGB Biopharma boss Miroslav Ravic said investors “have demonstrated their confidence in the progress of our Phase IIa study”.
Sarah Hardy, chief investment officer at Archangels, stressed the need for novel treatments 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.”
Scottish Investment Bank director Kerry Sharp, 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.”