Epidarex-backed Enterprise Therapeutics raises £29 million (USD$41 million) funding
BETHESDA, Md., April 12, 2018 /PRNewswire/ --
- Initially founded with capital from leading healthcare investor Epidarex Capital, Enterprise raises Series B round co-led by Versant Ventures and Novartis Venture Fund, with Forbion, Epidarex and IP Group completing the syndicate
- Funding will advance pipeline of novel treatments for respiratory diseases into clinical development, including Phase 2 proof of concept
Enterprise Therapeutics Ltd, a biopharmaceutical company dedicated to the research and development of novel therapies for the treatment of respiratory diseases, today announced that it has closed an oversubscribed £29 million ($41 million USD) Series B round co-led by Versant Ventures and Novartis Venture Funds. The syndicate also included new investor Forbion, founding investor Epidarex Capital and existing investor IP Group.
The investment will fund the Company's drug discovery pipeline of muco-regulatory therapies into clinical development, enabling new treatment options for cystic fibrosis, chronic obstructive pulmonary disease and severe asthma.
Enterprise Therapeutics is developing muco-regulatory therapies to treat patients with respiratory diseases of high unmet medical need, where mucus obstruction reduces lung function, leading to difficulty in breathing and recurrent lung infections. These novel therapies target the ion channels TMEM16A and ENaC, to increase the hydration and clearance of mucus. Enterprise Therapeutics has also identified novel targets and compounds that reduce mucus production, an approach that complements mucus hydration therapies.
Epidarex has been closely involved in the formation and development of the company since its initial investment in 2014. With a track record of successfully partnering with scientists and entrepreneurs to develop highly innovative products for the global healthcare market, Epidarex deployed its deep sector expertise as well as company creation and building experience to support the Enterprise team in getting to this key milestone.
Commenting on the fundraising, Dr John Ford, CEO, Enterprise Therapeutics, said: "Attracting this syndicate of leading life science investors is a reflection of what the Company has achieved to date and testament to the significant contribution Epidarex has made to our evolution. At Enterprise, we believe new therapies that target the underlying mechanisms of mucus congestion are essential to reduce the frequency of lung infections and improve patient quality of life."
Elizabeth Roper, Epidarex Capital, commented: "We are delighted with the significant progress made by the Enterprise team to date which is validated by the company's ability to attract such an experienced and international group of investors to its Series B round. The funding secured, combined with continued focus on scientific and commercial goals, positions Enterprise well to deliver life-altering therapies to future generations."
Epidarex Capital is a transatlantic venture fund that invests in early-stage, high growth life science and health technology companies in under-ventured markets. Epidarex focuses on providing risk capital to young companies, including spin-outs from leading research institutions in up and coming life science hubs. The fund's international management team has a track record of successfully partnering with top scientists and entrepreneurs to develop highly innovative products for the global healthcare market.