EnBiotix Closes $11 Million Financing Ahead of Merger with Polyphor
December 29, 2021
EnBiotix, a rare disease company currently focused on chronic respiratory disorders, said it closed an $11 million, pre-merger, convertible note financing led by Vectura Group, with participation from the Cystic Fibrosis Foundation and Sanford Biosciences.
EnBiotix and Vectura, developers of inhaled therapeutics and drug-device combinations, have also entered into an agreement whereby EnBiotix will engage in exclusive negotiations with Vectura relating to a potential strategic alliance covering one or more of EnBiotix’s inhaled drug products.
The Cystic Fibrosis Foundation joined the investment round primarily to fund confirmatory long-term safety studies related to EnBiotix’s lead product ColiFin, which would be conducted in parallel with a planned global phase 3 clinical study.
The financing is designed to enable initiation of a number of EnBiotix activities related to the planned global phase 3 clinical study of ColiFin in cystic fibrosis patients. ColiFin is an inhaled colistimethate sodium product in-licensed by EnBiotix from PARI Pharma for worldwide rights outside of Europe. ColiFin has been approved in Europe since 2010, where it is a front-line therapy for the management of chronic pulmonary pseudomonas aeruginosa infections in cystic fibrosis patients. EnBiotix expects to move ColiFin into phase 3 clinical trials in 2022.
Proceeds will also help fund EnBiotix’s obligations related to its ongoing phase 1 study of inhaled murepavidin in cystic fibrosis patients, a program which is also the subject of a separate Foundation award and a European Union Innovative Medicines Initiative grant. The phase 1 inhaled murepavidin clinical study recently enrolled its first subjects.
Proceeds from the financing will also be directed towards R&D expenses related to EnBiotix’s other product development programs and ongoing and future legal, accounting and other general and administrative expenses related to its planned merger with Polyphor for its macrocyclic peptide technology platform, which is expected to close by year-end 2021.
“The proceeds from the financing will significantly accelerate our plans to deliver innovative products to cystic fibrosis and other rare disease patients with significant unmet needs,” said Jeffrey Wager, chairman and CEO of EnBiotix. “In addition, we look forward to further discussions with Vectura to negotiate a strategic alliance agreement to further advance our pipeline and accelerate the development and commercialization of our inhaled drug portfolio.”
Author: Rare Daily Staff
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