Investors back biotech firm
EnteroBiotix raises £500k in seed funding
EnteroBiotix, a Scottish biotechnology company, has raised £500,000 in an oversubscribed seed round of investment.
The financing was led by Equity Gap and supported by the Scottish Investment Bank, the investment arm of Scottish Enterprise.
EnteroBiotix, based in Aberdeen, is focused on using the body’s own microorganisms to prevent and treat disease. It will use the capital to further develop its product pipeline and grow its manufacturing and research team.
James McIlroy, a final year medical student at the University of Aberdeen and CEO at EnteroBiotix. said: “This investment and grant funding will be pivotal in furthering the objectives of EnteroBiotix as we develop the first orally available products for FMT in Europe.
“We are excited to work with Equity Gap and Scottish Enterprise as we build EnteroBiotix into a dominant player this fast-moving field of science and medicine.”
Fraser Lusty, investor director at Equity Gap, said: “We are delighted to provide the early equity to back James and the team at EnteroBiotix. He has impressed greatly with his vision, ambition and desire to create a business that will provide a much-needed solution for disease prevention and treatment.
“He has secured strong clinical and commercial collaborations, and the funding will be used to develop these to ensure the company meets its near-term objectives.”
Kerry Sharp, head of the Scottish Investment Bank, said: “Scottish Enterprise has supported the company from an early stage in its development through the High Growth Ventures Unit and a SMART grant.”
By 2025, the human microbiome market is anticipated to be worth more than $2.2 billion.
EnteroBiotix is set to make a first sale in early 2018.
The company is establishing a platform that will allow patients to bank their own bacteria before medical treatments that disturb the balances of bacteria in the gut, such as chemotherapy and long courses of antibiotics.