MGB Biopharma Secures £4.0M in funding

mgb biopharmaMGB Biopharma, a Glasgow, Scotland-based biopharmaceutical company developing anti-infectives, secured £4.0m ($6.4m) in funding.

Funding of £2.7m was provided by a syndicate of investors, led by Archangels, with participation from existing investors Barwell PLC, TRI Cap and the Scottish Investment Bank, the investment arm of Scottish Enterprise. A£1.3m funding was awarded by Innovate UK, formerly the Technology Strategy Board (TSB), under its Biomedical Catalyst programme.

The company intends to use the funds to advance the development of its lead antibacterial, MGB-BP-3, against a range of Gram-positive infections including Clostridium difficile and methicillin-resistant and susceptible Staphylococcus species.

Led by Dr Miroslav Ravic, CEO, MGB Biopharma is developing MGB-BP-3, an antibacterial which is active against a broad range of the key multi-resistant Gram-positive pathogens. The company has developed an oral formulation of MGB-BP-3 for the treatment of Clostridium difficile that is ready to enter the clinic, whilst an intravenous formulation indicated for the treatment of a range of systemic hospital acquired Gram-positive infections is in late-stage preclinical development.

MGB Biopharma has links with the University of Strathclyde, with exclusive worldwide licence rights to the University’s MGB patents for all fields except anticancer.

FinSMEs

19/09/2014

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