Pneumagen, a Scottish company developing a nasal spray to combat respiratory infections, has secured £8 million in a new investment round.

Existing investors Thairm Bio and Scottish Enterprise have been joined by new investor Esperante Ventures, the directors, as well as several US based backers.

The latest funding round will enable the St Andrews-based company to advance the clinical development of Neumifil which is currently at proof of concept stage. Initial results are expected shortly.

Douglas Thomson, chief executive, said the financing shows confidence in the company’s strategy and the significant progress its has made.

“The funds will be used to support the continuing development of Neumifil, including preparing for a Phase 2b study in COPD patients which is planned to begin in 2024,” he said.

Thairm Bio’s Mark Bamforth said, “We have been impressed by Pneumagen’s progress and believe Neumifil could address a large unmet medical need by preventing virus induced exacerbations, which can be potentially lethal for some patients suffering from serious underlying respiratory disease.”

Dean Slagel, managing director at Esperante Ventures, added: “We were attracted by the quality of Pneumagen’s leadership and multiple milestones that Douglas and the Pneumagen team have delivered as they work to position Neumifil as a treatment option for respiratory tract infections.”