Enterprise Therapeutics have reason to celebrate this week after successfully closing a £29 million Series B funding round. The biopharmaceutical company, who focus on creating novel therapies for respiratory diseases, have built upon previous Series A funding rounds of £4m in 2016, and a further £2.4m in 2015. Enterprise Therapeutics are tenants at Sussex Innovation Centre, and CSO Martin Gosling is a Professor of Molecular Pharmacology at the University of Sussex.
This Series B round was co-led by Versant Ventures and Novartis Venture Fund, and also included an injection of funds from existing investor IP Group, founding investor Epidarex Capital, as well as some new investment from Forbion.
Enterprise Therapeutics will use the money to further develop their muco-regulatory therapies and prepare for clinical development, which will create new treatment options for people with cystic fibrosis, chronic obstructive pulmonary disease (COPD) and severe asthma. Individuals with these diseases suffer from mucus obstruction which reduces lung function, leading to difficulty breathing, recurrent lung disease, and a lower quality of life.
The therapies developed will target the ion channels TMEM1GA and ENaC, aiming to increase the hydration and clear some of the mucus. Additionally, Enterprise Therapeutics has acknowledged novel targets and compounds that reduce mucus production, an approach that complements the mucus hydration therapies. These therapies, once developed into treatments, could massively transform the lives of those patients struggling with respiratory diseases.
"Attracting this syndicate of leading life science investors is a reflection of what the Company has achieved to date and the strength of our pipeline," said Dr John Ford, Enterprise Therapeutics CEO. "At Enterprise, we believe new therapies that target the underlying mechanisms of mucus congestion are essential to reduce the frequency of lung infections and improve patient quality of life."
"Our focus is on finding solutions for unmet needs and clinical impact, an area where Enterprise Therapeutics is making excellent progress for respiratory disease patients," said Dr David Morris, Venture Partner of Novartis Venture Fund. "We believe this additional round of funding puts the Company in a strong position as it continues to progress towards the clinic."