Fife innovation

Covid nasal spray firm raises further funds

Nasal inhalation device prototype for delivery of Neumifil

A biotech company in Fife which has developed a nasal spray to treat respiratory viruses such as Covid and flu, has raised a further £3.8 million to take its lead product Neumifil closer to market.

St Andrews-based Pneumagen said the product is currently being assessed and results are anticipated in the first half of this year.

The latest funding round was co-led by existing investors Thairm Bio and Scottish Enterprise and brings total capital secured to date to about £14m.

Douglas Thomson, CEO of Pneumagen,said: “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.”

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.”

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