ANN ARBOR, Mich., Aug. 7 /PRNewswire/ -- NanoBio(R) Corporation, a private biopharmaceutical company, has secured a $30 million (U.S.) equity investment from Perseus, L.L.C., a leading private equity fund management company. The funding, which will come in three tranches, will support NanoBio’s expanding clinical pipeline.
NanoBio has developed multiple topical anti-infective products and vaccine candidates derived from its patented NanoStat technology platform. The company’s lead product candidates are treatments for herpes labialis (cold sores) and onychomycosis (nail fungus) and a mucosal vaccine for influenza.
“We are especially pleased that Perseus, L.L.C., one of the leading life sciences investment firms, has recognized the promise of therapies based on nanoemulsions and our Nanostat(TM) technology. This funding positions NanoBio to move forward with several promising product development programs that represent significant commercial opportunities,” said Michael J. Nestor, chief executive officer of NanoBio.
“We made this investment because NanoBio is uniquely positioned to develop major new drugs and vaccines to treat infectious diseases. Infectious diseases are an increasing medical problem due to organisms that have become resistant to current drugs, major infections in an aging population and novel pathogens that are constantly emerging. There is a significant need for new treatment approaches that will control these infections without causing systemic side effects or producing more resistant organisms. Our goal with this investment in NanoBio is to build a leading biotechnology company with a broad portfolio of new pharmaceutical products to treat these types of infections,” said Norman C. Selby, senior managing director of Perseus, L.L.C.
NanoBio’s NanoStat anti-infective products are water/oil emulsions for topical or mucosal administration. Products developed from this technology have a unique ability to penetrate skin and mucosa to treat topical infections without harming normal cells in the body. The technology platform also has the potential to inactivate and deliver microbial antigens as a mucosal vaccine.
NanoBio’s lead product candidate, NB-001, is currently in development as a potential treatment for herpes labialis (cold sores). NB-001 is a topical emulsion composed of nanometer-size water/oil droplets coated with a surfactant that has demonstrated potent anti-viral, anti-bacterial and anti-fungal activity in previous studies. A recently completed Phase 2 study in over 300 subjects indicated NB-001 was safe, well-tolerated and accelerated the healing of cold sores by killing the herpes viruses at the lesion site. NanoBio is positioned to initiate Phase 3 studies for this product in 2007. Another product candidate, NB-002, in development as a treatment for nail fungus (onychomycosis), will enter Phase 2 trials later this year. NB-006 is in pre-clinical development as a mucosal vaccine for influenza.
The patented NanoStat technology platform was developed by a research team led by James R. Baker, Jr., M.D., who directs the Nanotechnology Institute at the University of Michigan. Dr. Baker is also the chief scientific officer at NanoBio. Patents related to the technology are licensed to NanoBio by the University of Michigan on an exclusive worldwide basis.
“We continue to see tremendous promise in the applications of the NanoStat technology. This financing positions us to rapidly advance our current clinical development programs and to explore new applications of this technology in treating other serious illnesses,” said Dr. Baker.
Michigan Governor Jennifer M. Granholm applauded the news that Perseus, L.L.C., a premier private equity firm, is investing in a great Michigan company like NanoBio Corporation.
“NanoBio Corporation represents our 21st century vision for Michigan and demonstrates the potential of our 21st Century Jobs Fund,” Granholm said. “Just as NanoBio got its start in Michigan’s Life Sciences Corridor so, too, are we going to be giving a head start to dozens of companies that will be creating 21st century jobs that can’t be outsourced.”
About NanoBio Corporation
NanoBio Corporation is a private biopharmaceutical company with headquarters and laboratory facilities in Ann Arbor, Michigan. The company is developing and commercializing a range of products based on a proprietary nanoemulsion technology originally developed at the University of Michigan Medical School. NanoBio is the exclusive global licensee of this technology.
About Perseus, L.L.C.
Perseus, L.L.C. is a private equity fund management company headquartered in Washington, D.C., with an office in New York and affiliate offices in Munich and New Delhi. Founded in 1995, Perseus invests in companies with which it can participate in the strategic planning, operations and development and thereby add significant value to the investment. Perseus and its affiliates manage seven investment funds with capital commitments totaling over US$1.6 billion. www.perseusllc.com
NanoBio Corporation
CONTACT: John Coffey, V.P. Business Development, +1-734-302-4000 ext. 107,john.coffey@nanobio.com
