Pneumagen Announces £2.5m fundraising to advance universal treatment for viral respiratory infections into the clinic this year
Includes new US-based global corporate investor
21st January 2021 – St. Andrews, Scotland – Pneumagen Ltd, focused on preventing and treating respiratory infections by targeting the human glycome, today announced a further GBP2.5 million investment from existing investors plus a new undisclosed global corporate investor, based in the US. The investment will be used to support the clinical development of Neumifil™ in 2021 as an intra-nasal formulation for the prevention and treatment of influenza, Respiratory Syncytial Virus (RSV) and COVID-19. This additional investment follows on from last year’s announcement of a GBP £4 million investment, and brings the total amount of financing raised to circa £9.5 million.
Neumifil™ is a first-in-class Carbohydrate Binding Module (mCBMs), generated using the Company’s proprietary GlycoTarge™ platform. This unique modality binds to receptors that are used by pathogens to enter the respiratory airways, thereby preventing infection and avoiding resistance. It is being developed for the universal treatment of respiratory tract infections (RTIs) caused by Influenza Virus and Respiratory Syncytial Virus, and now coronaviruses including SARS-CoV-2, the cause of COVID-19. Neumifil has the potential to revolutionise the treatment of RTIs, providing patients total protection against respiratory pathogens including COVID-19 variant strains or new emerging viruses with pandemic potential.
Douglas Thomson, CEO of Pneumagen, said: “Our mission is to develop our novel pan viral approach to combat infectious respiratory diseases such as influenza, RSV, COVID-19, and other emerging viruses with pandemic potential. I am delighted with this additional investment and the endorsement that the participation of our new corporate investor brings. This investment will enable us to progress Neumifil into the clinic in mid 2021, as a universal intra-nasal treatment for infectious diseases.”