NovaBiotics Ltd has raised €6,5M for priority clinical stage first-in-class antimicrobial therapeutics assets. The private placement with Woodford Investment Management LLP was arranged by Shore Capital as financial adviser and broker to the company.
NovaBiotics is a clinical-stage biotechnology company focused on the design and development of first-in-class anti-infectives for difficult-to-treat, medically unmet diseases. NovaBiotics has spent more than 10 years developing a treatment for nail fungus. The US market alone is expected to be worth about €2,6 billion a year by 2020, which underlines the potential for NovaBiotics and its Novexatin product.
NovaBiotics is also focused on further developing its earlier stage antifungal and antibacterial compounds and the anti-infective peptide platform from which these molecules have been derived.
NovaBiotics’ therapeutic candidates possess a novel mode of antimicrobial action. Their antifungal and antibacterial compounds have demonstrated superiority over many existing anti-infective drug classes thus far. Furthermore, their mechanism of action is such that the opportunity for antimicrobial resistance developing in the bacteria and fungi which NovaBiotics’ novel compounds target is minimised if not negated.
Deborah O’Neil, CEO of NovaBiotics said: “NovaBiotics has become a leader in the anti-infectives field over the last 10 years. We have developed highly differentiated, disruptive technologies for a number of clinically unmet, economically significant indications. This development is underpinned by excellent science. Woodford IM coming on board as an investor reflects that excellence and also where the business currently is in its lifecycle.”
Antibiotic resistance is a major global problem which claims at least 50,000 lives per year in the EU and the US. Hundreds of thousands more will die in other areas of the world, which equates to a potential global economic burden of up to €864 billion by 2050. The need for new antimicrobial treatments, such as those being developed at NovaBiotics, has never been as acute.