Prep Biopharm, a UK-based developer of therapies for respiratory infectious diseases, closed a series A round at £21m ($32.4m) yesterday, co-led by virology contract researcher HVivo and pharmaceutical firm Johnson & Johnson.
Johnson & Johnson invested through its corporate venturing subsidiary Johnson & Johnson Innovation. The two corporates were joined by assorted angel investors.
Prep Biopharm is developing treatments for respiratory infectious illnesses such as colds and flus.
The series A capital will support the completion of a phase 2a clinical trial of Prep-001, a preventative medication against upper respiratory tract viral infections. The treatment is specifically aimed at patients at increased risk of dying from cold and flu-related complications.
Prep Biopharm was co-founded by two former employees of pharmaceutical firm Janssen, Ryan Muldoon and Bruce Malcolm. The company has licensed intellectual property from Janssen Sciences Ireland, a subsidiary of Janssen which is itself a division of Johnson & Johnson.