Vast Therapeutics (formerly Novoclem) has announced that Shionogi & Co. was the sole investor in a Series A financing round that will fund pre-clinical and Phase 1 development of the company’s dry powder nitric oxide for the treatment of respiratory infections in cystic fibrosis patients, with the expectation of a licensing agreement. The amount of the investment was not specified.
A collaboration agreement with Shionogi is also expected by early 2019. Vast said that it expects to continue to use outsourced services but will also add drug development personnel itself.
In May 2018, Vast announced that a preclinical study of the BIOC51 dry powder nitric oxide release formulation reduced the bacterial load of nontuberculous mycobacteria (NTM) in the lungs of mice by 99%. BIOC51 got QIDP designation from the FDA in late 2017.
Vast CEO and Chairman Neal Hunter commented, “Our objective is to completely disrupt the paradigm of treating infections. Our technology can solve a major problem at a time when that problem is creating a dire situation for public health. We’ve always realized that it would take more than one company to optimize our technology and Shionogi’s commitment to anti-infectives puts them in a small class of larger pharmaceutical companies who have an ability to develop advanced pharmaceutical products and bring them to market quickly. The number of significant diseases that can benefit from our respiratory products will create a large market opportunity.“
Vast Director of Business Development and Intellectual Property Kyle Kimble added, “From our first meeting with Shionogi earlier this summer, we were impressed with their scientific acumen and research-driven approach to drug development. Regarded as one of the top developers of anti-infective products, Shionogi showed us that they were nimble and capable of working with incredible pace and focus making them the right partner to fully develop nitric oxide pulmonary anti-infectives. “
Shionogi Senior VP, Pharmaceutical Research, Takeshi Shiota said, “We’ve had a keen interest in nitric oxide technology for some time. In Vast we have found a technology, intellectual property portfolio, and management team that could help us change the anti-infective market.”
Read the Vast Therapeutics press release.
Read the Shionogi press release.
