Blueberry Therapeutics Limited, an Alderley Park, UK-based drug discovery and development company focused on developing innovative nanomedicines for difficult to treat skin and nail infections, completed a £10m Series B funding.
Backers included China Medical Venture Investment (HK) Limited, a wholly owned subsidiary of China Medical System Holdings Limited, and A&B (HK) Company Limited.
The company intends to use the funds for its development program for BB2603 for the treatment of onychomycosis and tinea pedis, as well as progressing its earlier stage acne and atopic dermatitis programmes. In conjunction with the funding, Dr. Huaizheng Peng, General Manager of International Operations at CMS and Chief Executive Officer of A&B, joined Blueberry’s board.
Led by Dr. John Ridden, Chief Executive Officer, Blueberry Therapeutics focuses on developing innovative nanomedicines for difficult to treat skin and nail infections. The company is using its nano-formulation technology to develop high value medicines where a reduced dose and improved drug delivery is needed, to overcome existing efficacy, tolerability and safety profile concerns.
Blueberry combines expert in-house resources with selected outsource partners and collaborators to take projects through from preclinical research onto de-risked human clinical proof of concept and then on to the market.
The company and CMS Medical Limited (a wholly owned subsidiary of CMS) have also entered into a licensing deal whereby CMS Medical Limited has acquired the rights to develop and commercialise BB2603 in certain defined Asian territories in return for which Blueberry receives an upfront payment and further payments conditional upon achieving certain regulatory milestones and performance payments based on commercial sales.
The company retains rest of world rights to develop and commercialise BB2603 and all pipeline products.