UK-based biopharmaceutical company MGB Biopharma has secured £4m ($6.4m) in funding with involvement from Scottish Investment Bank, the investment arm of Scottish Enterprise.
Scotland-based business angel syndicate Archangels led the £2.7m equity portion of the round, which also featured venture capital firms Barwell and TRI Cap alongside Scottish Investment Bank.
MGB develops anti-infectives to fight diseases that are resistant to antibiotics. The funds will be used to advance its lead antibacterial candidate, MGB-BP-3, into clinical development
Miroslav Ravic, chief executive of MGB Biopharma, said: “This new funding from our existing investors confirms their continued commitment to MGB Biopharma and our strategy to deliver value from our unique approach to treating resistant bacterial infections.
“We are extremely grateful for the support from Scotland’s leading angel investors together with Scottish Enterprise, and combined with the recent Biomedical Catalyst funding award, we are well placed to accelerate the clinical development of oral MGB-BP-3.”
The other £1.3m was provided by Innovate UK, formerly known as the Technology Strategy Board,in the form of a grant through its biomedical catalyst programme in June.