MGB Biopharma secures funding of £4m to take new antibacterial into clinical development
MGB-BP-3 has a new mode of action and is a novel class of anti-infective, the company says
MGB Biopharma, a Glasgow, Scotland-based biopharmaceutical company developing a novel class of anti-infectives, has secured £4m ($6.4m) to advance the development of its leading antibacterial, MGB-BP-3, against a range of Gram-positive infections including Clostridium difficile and methicillin-resistant and susceptible Staphylococcus species.
Funding of £2.7m has been provided by a syndicate of investors, led by Archangels, and includes existing investors Barwell plc, TRI Cap and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
MGB Biopharma has secured a total of £4m since the beginning of this year, including £1.3m announced in June by Innovate UK, formerly the Technology Strategy Board (TSB), under its Biomedical Catalyst programme.
Dr Miroslav Ravic, CEO of MGB Biopharma, said: 'The danger posed by antimicrobial resistance to global public health is immense. Without new drugs to treat resistant bacteria we could easily slip into a 'post-antibiotic era' where the chances of dying from a life-threatening infection could increase significantly.
'We believe that MGB-BP-3 has the potential to be the first truly novel antibiotic with a novel mode of action to be developed globally in more than a decade. This new funding from our existing investors confirms their continued commitment to MGB Biopharma and our strategy to deliver value from our unique approach to treating resistant bacterial infections.'
MGB Biopharma will use the funding to conduct a Phase I trial that will investigate the oral formulation of MGB-BP-3 for use in the treatment of C. difficile infections. Approximately 40 healthy subjects are expected to be enrolled into the single centre, double-blind, placebo controlled, Phase I trial to determine the safety and tolerability of single and multiple ascending doses of oral MGB-BP-3. The trial will also examine the effect of the drug on normal gut flora. It is expected to start in the first half of next year.
In parallel to the clinical development of the oral formulation, the company will complete the pre-clinical development of the intravenous formulation of MGB-BP-3 and expects to be IND-ready by the end of next year. This formulation has shown activity in a broad range of hospital-acquired Gram-positive pathogens including resistant and susceptible Staphylococcus, Streptococcus and Enterococcus species.
