St Andrews spinout Pneumagen fundraising at £14m

Pneumagen CEO Douglas Thomson

St Andrews University spinout firm Pneumagen, a clinical stage biotech company, announced it has raised a further £3.8 million to advance clinical development and manufacturing of its lead product Neumifil.

Pneumagen said Neumifil is a “pan-antiviral, intranasal drug for the prophylaxis and treatment of viral respiratory tract infections (RTIs).”

The latest funding round brings total capital secured to date by Pneumagen to £14 million.

Pneumagen said Neumifil is being developed “to offer pan-antiviral protection against respiratory viruses such as influenza, respiratory syncytial virus (RSV) and coronaviruses including SARS-CoV-2 with a self-administered intranasal product.”

Currently, Neumifil is being assessed in a Phase I study with top line results anticipated in the first half of 2022.

The financing round was co-led by existing investors Thairm Bio and Scottish Enterprise.

Pneumagen CEO Douglas Thomson said: “This further funding ensures that we can continue the rapid clinical development progress of Neumifil.

“Our agreements with hVIVO and FUJIFILM Diosynth Biotechnologies are significant operational advances as we execute our Phase II clinical programme in 2022.

“Neumifil has the potential to significantly improve the lives of patients suffering from viral respiratory tract infections.

“As a pan-antiviral, easy to use, self-administered novel treatment option, Neumifil has the potential to have a significant impact on decreasing the risk of hospitalisation and death, through the prevention and treatment of multiple respiratory viral infections, for patients who suffer from viral exacerbations of underlying chronic lung disease.”

Thairm Bio’s Mark Bamforth said: “We are pleased to provide this financing to Pneumagen, which reflects the great confidence we have in the company’s business strategy and execution, the highly committed management team and the significant potential of Neumifil to become a key treatment option for patients with a broad range of viral RTIs.”

Kerry Sharp, Director of Growth Investments at Scottish Enterprise, said: “Having been impressed by Pneumagen’s development following our initial investment in 2016, Scottish Enterprise is underlining our support for the company and cementing our partnership with Thairm Bio through further co-investment.

“Helping Pneumagen scale up its clinical development and manufacturing capabilities can unlock the potential of its lead product, Neumifil.”

Open Orphan CEO Cathal Friel said: “We are delighted to partner with Pneumagen for this important study to test its highly promising pan-antiviral product Neumifil, using hVIVO’s Influenza human challenge study model.

“Neumifil has the potential to be an important prophylactic and treatment against a range of viral respiratory tract infections and we look forward to working alongside Pneumagen as we bring to bear our world-leading experience in conducting these types of trials.”

Paul Found, Chief Operating Officer, FUJIFILM Diosynth Biotechnologies UK, said: “FUJIFILM Diosynth Biotechnologies is delighted to support the clinical advancement of Pneumagen’s Neumifil candidate for the prevention and treatment of RTIs.

“Our deep expertise and capabilities in the development and optimisation of microbial-based processes will enable us to support Pneumagen as they scale-up for mid-to-late stage clinical trials.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.