NovaBiotics secures an additional £3.0 million investment from Woodford Investment Management
Leading anti-infectives biotech firm NovaBiotics secures
an additional £3.0 million investment from Woodford Investment Management
Aberdeen, UK – 03 March 2017– NovaBiotics Ltd (NovaBiotics), the clinical-stage anti-infectives biotechnology company, today announced that Woodford Investment Management Ltd (Woodford) has invested an additional £3.0 million in a private placement. This follows earlier investment of £5.0 million announced in January 2015.
The investment from Woodford will provide working capital to allow NovaBiotics to continue its leading, innovative research in anti-infectives. The company is focused on developing an advanced portfolio of antimicrobial assets to target unmet clinical needs.
Deborah O’Neil, Chief Executive and Scientific Officer, NovaBiotics, said: “The urgent need to develop antimicrobial treatments for poorly served clinical conditions has never been more important. The additional investment from Woodford will allow NovaBiotics, which has become a leader in the field of anti-infectives over the past decade, to continue to develop first-in-class solutions to tackle difficult to treat diseases and contribute to the global battle against antimicrobial resistance (AMR)”
Paul Foulger, Chief Financial Officer, NovaBiotics said “We are thrilled Woodford continues to recognise NovaBiotics’ clinical and business potential with the decision to invest additional funds. Attracting investment of the calibre of Woodford is a testament to the NovaBiotics team. This funding allows us to progress our clinical and pre-clinical trials: by de-risking the programmes, our portfolio should attract further attention from potential partners, thereby adding significant value for shareholders.”
NovaBiotics has an advanced product portfolio of antimicrobial assets targeting large and important markets with significant unmet clinical needs. These include Lynovex, a novel multi-active orphan therapy for cystic fibrosis, Novexatin for the treatment of onychomycosis, a potential blockbuster outlicenced to Taro Pharmaceuticals, and Novamycin, a novel rapid acting antifungal for aspergillosis and other life-threatening yeast and mould infections. The Company is also developing earlier stage compounds from its proprietary antimicrobial peptide rational drug design platform including Nylexa™, an antibiotic with potential to tackle AMR. The significance of AMR was catapulted into the spotlight in 2016, with all 193 UN member states signing an agreement to combat the proliferation of antibiotic resistance, in addition to the publication of the O’Neill report. O’Neill’s report predicts that, if no solution is found, by 2050 10 million people every year would die as a result of AMR with a potential economic cost of up to $100 trillion.