Pneumagen has secured £8m to support the development of Neumifil, its antiviral nasal spray for the treatment of viral respiratory tract infections (RTIs).
The University of St Andrews spin-out company raised funds from existing investors Thairm Bio and Scottish Enterprise, alongside new investor Esperante Ventures, its directors and as several US-based investors.
The money should enable the business to advance the clinical development of Neumifil for individuals with Chronic Obstructive Pulmonary Disease (COPD) suffering from virus-induced exacerbations.
Neumifil is currently being evaluated in a Phase 2a proof-of-concept human study in healthy participants subsequently infected with influenza virus. Initial results are expected in the next couple of months.
Douglas Thomson, chief executive at Pneumagen, said: “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 founder 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.”
Neumifil is a multivalent Carbohydrate Binding Molecule which acts by directly binding and preventing the entry of the viral pathogens into the lungs with reduced susceptibility to direct viral resistance.
It was generated using Pneumagen’s proprietary GlycoTarge technology, that acts by stopping viruses at the site of infection, reducing their ability both to enter cells and to migrate to the lungs.
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