Pneumagen has raised £3.8m to advance manufacturing of its lead product Neumifil.
The St Andrews-based clinical stage biotech company has now secured £14m worth of capital to date, with the latest investment letting it advance clinical development to the next stage.
Neumifil is being developed to offer pan-antiviral protection against respiratory viruses such as influenza, respiratory syncytial virus and coronaviruses - including SARS-CoV-2 - with a self-administered nasal spray
Currently, it is being assessed in a Phase I study, with top line results anticipated in the first half of 2022. Phase II will see an influenza controlled human challenge study conducted in the UK later this year.
Pneumagen will also now be able to conduct further manufacturing with FUJIFILM Diosynth Biotechnologies, and conclude extended toxicology studies to support the Phase II programme.
The financing round was co-led by existing investors Thairm Bio and Scottish Enterprise.
Neumifil is a unique multivalent carbohydrate binding molecule, generated using Pneumagen’s proprietary GlycoTarge technology platform, which acts by binding to epithelial cell surface sialic acid receptors in the respiratory tract, thereby stopping viruses at the site of infection, reducing their ability to both enter cells in the respiratory tract and migrate to the lungs.
Douglas Thomson, chief executive of Pneumagen, commented: “This further funding ensures that we can continue the rapid clinical development progress of Neumifil.
“As a pan-antiviral, easy to use, self-administered novel treatment option, it has the potential to have a significant impact on decreasing the risk of hospitalisation and death, through the prevention and treatment of multiple respiratory viral infections, for patients who suffer from viral exacerbations of underlying chronic lung disease.”
Kerry Sharp, director of growth investments at Scottish Enterprise, said: “Having been impressed by Pneumagen’s development following our initial investment in 2016, Scottish Enterprise is underlining our support for the company and cementing our partnership with Thairm Bio through further co-investment.”
Paul Found, chief operating officer at FUJIFILM Diosynth Biotechnologies UK, added: “Our expertise and capabilities in the development and optimisation of microbial-based processes will enable us to support Pneumagen as they scale-up for mid-to-late stage clinical trials.”
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