5 May 2016
Blueberry Therapeutics raises £3m led by GM&C Life Sciences Fund
Alderley Park, Cheshire, UK - 5th May 2016. Blueberry Therapeutics today announced that it has raised £3 million to progress the development of its topical fungal infection therapies into human clinical trials. The investment was led by the GM&C Life Sciences Fund, managed by Catapult Ventures, and included participation from San Francisco-based InClin Investments, as well as a number of private investors.
The investment will support progress of its innovative treatment for Onychomycosis (fungal nail infection) and associated tinea pedis (athlete’s foot), into clinical development. In this large existing market valued at more than $3bn annually, patients have wanted a topical treatment for Onychomycosis that has the effectiveness of existing oral treatment but without the toxicity concerns. Blueberry's lead drug has the promise of being a more effective and well tolerated topical therapy for the treatment of Onychomycosis than existing topical products in this blockbuster market. The company will also hold a pre-investigational new drug (IND) meeting with the U.S. Food and Drug Administration (FDA) to seek approval for their clinical development plans under the 505(b)(2) regulatory pathway. This will allow the company to move rapidly through clinical development.
John Ridden, CEO of Blueberry Therapeutics, said:
"We’re delighted to have secured this funding which will enable us to move our lead program to treat Onychomycosis with associated tinea pedis into human clinical trials with the ambition of moving into Phase III trials early in 2017. The investment, from dedicated life science funds in the UK and US is a significant step in the growth of Blueberry and opens up a range of exciting opportunities in topical therapies.”
Andrew Kay, Chairman of Blueberry Therapeutics, said:
“I’m delighted the company has been so successful in this fund raising which will allow it to progress the potential blockbuster lead drug to be ready for Phase III clinical development."
Gareth King, Investment Manager at the GM&C Life Sciences Fund, said:
"We’re delighted to have led this investment in Blueberry Therapeutics and excited to be joining the team at this important time as the company progresses its lead product into patients. We were attracted to Blueberry by the exceptional experience of its management team and their compelling preclinical data for this well differentiated and novel topical treatment. We look forward to working together with Blueberry's board, and co-investors InClin Investments, to help the company fulfil its ambition."
The GM&C Life Sciences fund legal advisor was Melanie Yeomans at Ward Hadaway and Blueberry Therapeutics was advised by Simon Wallwark at Slater Heelis.
Photo: From Left to Right, Dr John Ridden (Chief Executive and Co-Founder Blueberry Therapeutics), Dr Mike Davies (Chief Medical Officer and Co-Founder Blueberry Therapeutics) and Dr Gareth King (Investment Manager Catapult Ventures)