Investment to help continue development of novel antibacterials
Procarta Biosystems Ltd., which is developing a novel class of DNA-based antibiotics capable of tackling drug-resistant infections, announced today a round of equity investment totaling £730,000 with the potential to rise to £1.25 million. The round was led by Morningside Venture Investments Limited and included Procarta's current investors, Rainbow Seed Fund and Iceni Seedcorn Fund.
Procarta's discovery initiatives target next generation of antibiotics to tackle the rising threat of superbugs. Procarta's flexible approach allows rapid development of drug candidates against challenging infections for which there are few therapeutic options. This raise will be applied to progress Procarta's anti-MRSA lead compound and deepen the company's already extensive pipeline, with particular emphasis on new therapeutics active against Gram-negative strains, such as Pseudomonas aeruginosa - a common complication associated with people with Cystic Fibrosis.
Dr Michael McArthur, Procarta's scientific co-founder and CSO, commented: "Coming on the back of positive scientific results, this raise validates the Procarta's platform's promise to cope with the emerging threat of antibiotic resistance. We are thrilled to see this capital infusion which will allow us to drive all of our programmes forward and build on the early-stage interest expressed by major pharmaceutical companies."
"Morningside is pleased to support the development of Procarta's innovative platform to help combat bacterial infections such as MRSA and Gram-negative infections," commented Dr. Isaac Cheng of Morningside. "The company has the potential to significantly beneficially impact one of the most serious public health challenges facing the world today- the rise of antibiotic resistance."
In conjunction with this investment, the company is strengthening its Board by appointing two investor Directors designated by Morningside and Rainbow alongside Dr David Knowles as the Chairman.
Mark White of Rainbow commented "the fund-raising environment for early stage biotech is extremely difficult and we are delighted to have secured funding from a supportive investor such as Morningside. We have been highly impressed with the progress made so far by Michael McArthur and his team and we are delighted at his recent recognition as the Most Promising Innovator of the Year at the National BBSRC Innovator of the Year awards."