MGB Biopharma Receives £1.3m Grant Award from the UK's Technology Strategy Board's Biomedical Catalyst
GLASGOW, Scotland, June 9, 2014 /PRNewswire/ --
Grant to help fund Phase I trial with lead candidate oral MGB-BP-3 for Clostridium difficile
MGB Biopharma, a biopharmaceutical company developing truly novel anti-infectives, announces today that it has been awarded a £1.3 million conditional grant from the Technology Strategy Board, the UK's innovation agency, under its Biomedical Catalyst programme.
The grant will help fund a Phase I trial of the oral formulation of MGB Biopharma's lead investigational drug candidate, MGB-BP-3 for Clostridium difficile. Approximately 40 subjects are expected to be enrolled into the single centre, double-blind, placebo controlled, crossover Phase I trial to determine the safety and tolerability of single ascending doses of oral MGB-BP-3.
Dr Miroslav Ravic, CEO of MGB Biopharma, said: "We are delighted that MGB Biopharma has been chosen as one of the recipients of this prestigious award from the Technology Strategy Board's Biomedical Catalyst programme. The oral formulation of MGB-BP-3 has shown promising efficacy and good safety results in preclinical tests in C. diff. This grant, along with the funds we are looking to raise, should allow us to start this first-in-man trial by the end of 2014 or start of 2015.
"Despite a renewed interest in developing new antimicrobials, there is still a clear need for truly novel and differentiated products to tackle the growing concern of antimicrobial resistance. We believe that MGB-BP-3's novel mechanism could, for the first time in a decade, provide a meaningful breakthrough in the development of antimicrobials for hospital-acquired infections in particular."
Professor Iain Hunter, Dean of the Faculty of Science at the University of Strathclyde, said: "We are extremely pleased that MGB Biopharma has received this grant funding to progress MBG-BP-3. It is a significant achievement for a drug designed and initially developed in an academic lab to reach Phase I trials. MGB-BP-3 is based on our (DNA) minor groove binding technology platform that was licensed to MGB Biopharma. We are optimistic that this novel antimicrobial will play an important role in the treatment of C. diff."
MGB-based anti-infectives have the potential to deliver significant advantages over current approaches including broad, bactericidal activity against multi-resistant Gram-positive and Gram-negative pathogens. In addition to the oral formulation of lead candidate MGB-BP-3, MGB Biopharma is developing an IV formulation for the treatment of Gram-positive hospital-acquired infections. MGB Biopharma's platform also promises to deliver compounds that are active against certain viruses, fungi and parasites. MGB Biopharma's anti-infectives are based on its minor groove binder (MGB) technology.
About MGB Biopharma
MGB Biopharma is developing a truly novel class of anti-infectives. MGB Biopharma's lead candidate, MGB-BP-3, is a broad range antibacterial which is active against key multi-resistant Gram-positive pathogens. The Company has developed an oral formulation of MGB-BP-3 for treatment of Clostridium difficile that is ready to enter the clinic, while an IV formulation for a range of systemic Gram-positive infections is in late-stage preclinical development.
MGB Biopharma's anti-infective drug development capabilities are driven by its broad anti-infective platform, which has the potential to generate truly novel compounds active against other infectious diseases such as Gram-negative pathogens as well parasites and fungi.
MGB Biopharma's anti-infectives are based on minor groove binders (MGBs). Minor groove binders have a new mode of action that offers significant advantages over existing anti-infectives, such as being more bactericidal and active against a broad range of drug-resistant bacteria.
MGB Biopharma has close links with the University of Strathclyde, with exclusive worldwide licence rights to the University's MGB patents for all fields except anticancer. The Company intends to work with partners to fully capitalise on the multiple value creating opportunities offered by its broad and novel anti-infectives platform.
The Company was founded in 2010 and is headquartered in Glasgow, Scotland. It is backed by Scotland's investors including Archangel Informal Investment, Barwell, TriCapital and Scottish Co-Investment Fund. For more information please visit http://www.mgb-biopharma.com.
About Technology Strategy Board
The Technology Strategy Board is the UK's innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. For more information please visit http://www.innovateuk.org.
About Catalysts
Catalysts are run jointly by the Technology Strategy Board and the Research Councils. A Catalyst is a form of research and development funding which focuses on a specific priority area and aims to help take projects from research to as close to commercial viability as possible. The Catalyst model supports projects in priority areas where the UK research base has a leading position and where there is clear commercial potential. Current Catalysts include: Biomedical Catalyst, Agri-
tech Catalyst and the Industrial Biotechnology Catalyst. For more details please visit: https://www.innovateuk.org/-/catalysts.
For further information, please contact:
MGB Biopharma
Miroslav Ravic, Chief Executive Officer
[email protected]
+44(0)208-946-0120
Citigate Dewe Rogerson
David Dible/Sita Shah
[email protected]
+44(0)20-7282-1052
SOURCE MGB Biopharma
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