UK-based nanomedicine developer Blueberry Therapeutics has closed a £10m ($12.8m) series B round that included China Medical Venture Investment (HK), an investment vehicle for pharmaceutical company China Medical System Holdings (CMS).
The round also featured A&B Holdings, an investment and development vehicle led by CMS chairman Lam Kong.
Blueberry is working on nanotechnology-formulated drugs to combat skin and nail infections that are currently difficult to treat. Its lead product candidate, BB2603, is a nanoformulation of an antifungal medication called terbinafine that will be used through a hand spray.
BB2603 is in a phase 2 dosing trial for onychomycosis, a condition where a patient’s toenails become discoloured and thickened, and is expected to soon enter a phase 3 study for the US and European Union.
The product is also being assed for use in conditions such as athlete’s foot, and Blueberry has treatments for conditions such as acne and atopic dermatitis in early development.
John Ridden, Blueberry Therapeutics’ CEO, said: “I am delighted to have completed the series B fundraising which enables us to progress all of our programs to the next stages of development.
“In addition, I got to know the CMS team well during negotiations and I firmly believe they are the ideal partner to help us develop and commercialise our products in the Asia region and we look forward to working closely with them.”
Blueberry had previously raised approximately $4.3m in a mid-2016 round led by GM&C Life Sciences Fund, which is managed by Catapult Ventures, and backed by InClin Investments and unnamed private investors.
Bryan, Garnier & Co advised Blueberry on the series B funding while Slater Heelis was legal adviser.