Company closer to manufacture
£1m angel backing for hospital bugs drugs firm
A drugs company hoping to bring a treatment for hospital-acquired bugs to market has received almost £1 million from an angel investment syndicate.
Glasgow-based MGB Biopharma will use the £920,000 package to move closer to manufacturing its lead drug to enable it to enter Phase II clinical trials.
Its MGB-BP-3 antibiotic has been shown to be effective in tackling a number of infectious hospital-acquired ailments. In September 2016 the drug was given clearance by the US Food and Drug Administration (FDA).
The latest round of funding was led by Archangels, with co-funding from MGB’s founders, Scottish Investment Bank, Barwell and Melrose-based angel investor, Tri Capital. This takes total funding raised to date to more than £7m.
Miroslav Ravic (pictured), CEO of MGB Biopharma, said: “These funds will allow us to complete manufacturing of clinical supply for the Phase II clinical trial.”
Sarah Hardy, chief investment officer at Archangels, said: “The creation of a drug that could effectively treat life threatening recurrent C. difficile infections that have been shown to be resistant to current drugs would increase the limited options available to patients.
“Archangels believes MGB-BP-3 will be a valuable addition to the armoury in the fight against the major global problem of antibiotic resistance.”