New drug discovery company announces additional funding to tackle chronic respiratory disease
Brighton, Sussex, May 20th 2015 – ENTERPRISE THERAPEUTICS Ltd, a drug discovery company focused on new therapeutics for respiratory diseases, today announced that it has secured an additional £2.4m ($3.6m) in Series-A financing. The funds are comprised of £2m by new investor, Imperial Innovations and £0.4m increase by founding investor Epidarex, bringing the total Series-A round to £4m. The proceeds will consolidate and accelerate the drug discovery and target identification programs initiated by Enterprise Therapeutics earlier in 2015. The company is based at the Sussex Innovation Centre, University of Sussex.
Enterprise Therapeutics’ focus is the discovery of novel disease modifying medications that target key drivers of respiratory disease pathology and progression in cystic fibrosis, chronic obstructive pulmonary disease (COPD) and severe asthma. These include targeting the underlying mechanisms of mucus congestion and lung dysfunction.
Martin Gosling, CSO of Enterprise Therapeutics commented, “We are extremely excited to have secured additional funding from experienced and enabling partners who will help us to shape and grow our company”.
Liz Roper, Partner at Epidarex Capital stated “Epidarex is delighted to be able to expand on its lead investment and to welcome Imperial Innovations as a partner in Enterprise Therapeutics’ current financing round. The drug discovery programs initiated by Enterprise are progressing at speed and these funds will ensure key milestones are achieved more rapidly”.
Rob Woodman, Director Healthcare Ventures at Imperial Innovations commented “Respiratory disease remains an area of high unmet medical need with patient numbers increasing year on year. Enterprise Therapeutics’ strategy has the potential to deliver differentiated therapies to bring benefit to patients across a variety of indications”.
About Enterprise Therapeutics
Enterprise Therapeutics is an early stage drug discovery company formed in May 2014. Its founders have significant expertise in drug discovery, respiratory biology and ion channel pharmacology. The company benefits from a close working relationship with the School of Life Sciences at the University of Sussex. For further information please contact Professor Martin Gosling (firstname.lastname@example.org).
About Epidarex Capital
Epidarex Capital invests in early-stage, high growth life science and health technology companies in under-ventured markets within the UK and US. Epidarex was created to meet the need for more sector-specific risk capital for young companies, including spin-outs from leading research universities. The fund’s international management team has a track record of successfully partnering with top scientists and entrepreneurs to develop highly innovative products for the global healthcare market. For further information please visit www.epidarex.com
About Imperial Innovations
Innovations supports scientists and entrepreneurs in the commercialisation of their ideas through the licensing of intellectual property, by leading the formation of new companies, providing facilities in the early stages, providing investment and encouraging co-investment to accelerate development, providing operational expertise and recruiting high-calibre management teams. It also runs an incubator in London that is the initial home for many of its technology spin-outs. For further information please visit www.imperialinnovations.co.uk
About Cystic Fibrosis (CF)
CF is the most common lethal genetic disease amongst Caucasians with an estimated global patient population of 100,000. The average life expectancy, although improving, is approximately 40 years.
About Chronic Obstructive Pulmonary Disease (COPD)
COPD is a chronic disease characterised by a progressive and irreversible decrease in lung function. Globally, COPD is reported to affect over 300 million people and in 2012 was the world’s third highest killer.
About Severe Asthma
Patients with severe asthma are either refractory or poorly managed by current therapies (including bronchodilators and steroids). Severe asthma patients comprise around 5% of the estimated 300 million asthma sufferers, globally.