NovaBiotics, which has plans to develop an inhaled version of its Lynovex cysteamine (NM001) for the treatment of cystic fibrosis, has announced that it has raised £5 million in a private placement from Woodford Investment Management. According to the company, “NM001 has a unique antibacterial-mucoactive-antibiofilm mode of action that kills bacteria, disables biofilms and disrupts excess mucus produced in the airways of patients with cystic fibrosis (and other chronic respiratory diseases).”
In September 2014, the FDA granted orphan drug designation to Lynovex for the treatment of cystic fibrosis, and the company said at the time that it would begin development of an inhalation powder formulation of the drug in the second half of 2015.
NovaBiotics CEO Deborah O’Neil commented, “NovaBiotics has become a leader in the anti-infectives field over the last 10 years. We have developed highly differentiated, disruptive technologies for a number of clinically unmet, economically significant indications. This development is underpinned by excellent science. Woodford IM coming on board as an investor reflects that excellence and also where the business currently is in its lifecycle.”
Read the NovaBiotics press release.
