MGB Biopharma funding round, led by Archangel Investors, reaches completion
Biopharmaceutical company MGB Biopharma has completed its latest funding round, led by Archangel Investors.
The round also included Scottish Investment Bank, Barwell and TriCapital Investors. The funding will enable MGB Biopharma to complete the activities around its ongoing Phase Ila clinical trial and prepare for the next stages of its development.
MGB Biopharma is developing a novel class of anti-infectives to address the global problem of antibiotic resistance. Its lead antibiotic, MGB-BP-3, is described as ‘a potent bacterial antibiotic with a completely novel mode of action’. The oral formulation is being developed for use in the treatment of Clostridium difficile-associated disease (CDAD).
Dr Sarah Hardy, Chief Investment Officer at Archangels, said: “There remains a desperate need for novel treatments in our armoury to treat C. difficile infections. The work that MGB Biopharma is undertaking is both important and innovative and the results that have been achieved so far have been very encouraging.”
The ongoing phase of MGB Biopharma’s Phase Ila trial is assessing the safety and efficacy of incremental doses of MGB-BP-3 in patients with CDAD. The top line results are expected in Q4 2019.