St Andrews University spinout firm Pneumagen, a clinical stage biotech company, announced that it has secured £8 million in financing from existing and new investors.
Pneumagen is developing Neumifil, a broad-spectrum antiviral, intranasal drug for the prophylaxis and treatment of viral respiratory tract infections (RTIs) and it said the investment will “support the continued Phase 2 development of Neumifil in Chronic Obstructive Pulmonary Disease (COPD) patients suffering from virus induced exacerbations.”
The company said: “Pneumagen secured the latest funds from existing investors, Thairm Bio and Scottish Enterprise, new investor Esperante Ventures, the directors, as well as several US based investors.
“The latest funding round will enable the company to advance the clinical development of Neumifil for individuals with COPD suffering from virus induced exacerbations.
“Neumifil is currently being evaluated in a Phase 2a proof of concept human challenge study in healthy participants subsequently infected with influenza virus. Initial results are expected in mid-2023.”
Pneumagen CEO Douglas Thomson said: “We are very pleased to announce this funding from our existing and new investors.
“This financing speaks to their confidence in our strategy and the significant progress we have 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.”
Thairm Bio’s Mark Bamforth said: “We are delighted to continue our support for Pneumagen for the further development of Neumifil, which has a highly promising profile based on early pre-clinical and clinical data.
“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.”
Esperante Ventures MD Dean Slagel said: “We are excited to make our initial investment in Pneumagen.
“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.”