Funding deal

EnteroBiotix raises £27m for drugs development

James McIlroy of Enterobiotix and Simon Comer of SNIB

Drugs developer EnteroBiotix has raised more than £27m from new and existing investors to accelerate its range of treatments for a number of conditions such as irritable bowel syndrome (IBS), blood cancer and liver cirrhosis. 

The financing was led by US-based life science investors Thairm Bio and Kineticos Life Sciences, along with new investor the Scottish National Investment Bank. They joined existing investors including Scottish Enterprise, and private investors. Around £11m of loan notes will convert to equity. 

The 50-employee Scottish company achieved a notable milestone this week when the first patient was dosed in a phase two clinical trial in the UK. 

Two years ago it opened a 20,000sqft manufacturing lab in Bellshill and has laboratory space at BioCity, where additional lab facilities are being built.

Last year, the company appointed former Merck executive Elmar Schnee as executive chairman and earlier this year hired Dr James Barnes as chief operating officer and Chris Lea as chief financial officer. 

Dr James McIlroy, CEO, said: “Our facilities across the central belt of Scotland are the most advanced of their kind in Europe. They ensure safe, high-quality and consistent in-house manufacturing.

“The support from the Scottish National Investment Bank means we can invest in our R&D programmes, our team, and our facilities. Our long-term mission is to transform the standard of care for patients suffering from high unmet clinical needs associated with the gut microbiome.

“Scotland’s life sciences sector is a growing industry, and with the Bank’s backing we can also contribute to improving skills and enhancing knowledge.”

Simon Comer, director of innovation at the Scottish National Investment Bank, said: “EnteroBiotix is a pioneering company that is helping put Scotland on the world map of life sciences.”

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