Archangels backs MGB Biopharma
Further funding for hospital bug drugs firm
An anti-bacterial agent developed in Scotland by MGB Biopharma (MGB) for the treatment of clostridium difficile infections, is to enter Phase II clinical trials following a £1.3m fund raise from existing and new investors.
This is the latest funding for the drug aimed at combating the bacterium responsible for the most cases of hospital-acquired infection.
Earlier this year the Bellshill-based company received a £2.7m grant from Innovate UK.
MGB’s lead drug, MGB-BP-3 was developed at the University of Strathclyde and will now be tested in patients for the first time in the fight against clostridium difficile-associated disease.
MGB-BP-3 is seen as having the potential to improve global cure rates and become a new Gold Standard for the treatment of this debilitating and deadly disease.
The Phase II trial for MGB-BP-3 is expected to involve 30 patients, each of whom has been diagnosed with CDAD and will evaluate safety and tolerability, efficacy and in particular look for improvement in global (or sustained) cure rates.
The £1.3m funding round was led by Edinburgh-based Archangels, with co-funding from the Scottish Investment Bank, Barwell and Melrose-based Tri Capital, and introduced crowdfunding investor, Syndicate Room, to the shareholder register for the first time.
Dr Miroslav Ravic, CEO and CMO of MGB Biopharma (pictured), said: “This offers opportunities both to progress the study rapidly and to attract increased attention to the results for this important trial.”|
Tom Britton of SyndicateRoom, who have invested in MGB Biopharma for the first time, said: “With antimicrobial resistance one the greatest challenges faced by society today, this new structural class of antibiotics could one day be saving millions of lives.
“We’re delighted to co-invest in MGB Biopharma alongside Archangels and have huge hope for this upcoming Phase IIa study and the compound Dr Ravic is developing.”