Pneumagen raises £3.8m to advance clinical developments of new drugs
St Andrews-based Pneumagen, a clinical-stage biotech company, has raised £3.8 million to advance clinical development and manufacturing of its lead product Neumifil.
The financing round was co-led by existing investors, Thairm Bio and Scottish Enterprise.
Neumifil is a pan-antiviral, intranasal drug for the prophylaxis and treatment of viral respiratory tract infections (RTIs). Neumifil is being developed to offer pan-antiviral protection against respiratory viruses such as influenza, respiratory syncytial virus (RSV) and coronaviruses including SARS-CoV-2 with a self-administered intranasal product.
Currently, Neumifil is being assessed in a Phase I study with top line results anticipated in the first half of 2022.
The latest funding round brings total capital secured to date by Pneumagen to circa £14m.
The funding will allow the firm to advance further development of Neumifil into Phase II. An influenza controlled human challenge study will be conducted by hVIVO, a subsidiary of Open Orphan plc, a world leader in the testing of antivirals using human challenge study models. The study will be conducted in the United Kingdom and is planned to commence in the second half of 2022.
It will also ensure the company can conduct further GMP manufacturing by FUJIFILM Diosynth Biotechnologies, a leading contract development and manufacturing organisation and one of the world’s most renowned, high quality manufacturing companies.
Douglas Thomson, CEO of Pneumagen, commented: “This further funding ensures that we can continue the rapid clinical development progress of Neumifil. Our agreements with hVIVO and FUJIFILM Diosynth Biotechnologies are significant operational advances as we execute our Phase II clinical programme in 2022.”
“Neumifil has the potential to significantly improve the lives of patients suffering from viral respiratory tract infections. As a pan-antiviral, easy to use, self-administered novel treatment option, Neumifil 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.”
Thairm Bio’s Mark Bamforth said: “We are pleased to provide this financing to Pneumagen, which reflects the great confidence we have in the Company’s business strategy and execution, the highly committed management team and the significant potential of Neumifil to become a key treatment option for patients with a broad range of viral RTIs.”
Kerry Sharp, director of Growth Investments at Scottish Enterprise, added: “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. Helping Pneumagen scale up its clinical development and manufacturing capabilities can unlock the potential of its lead product, Neumifil.”