Polyphor Ltd has the completion of a CHF40 million private placement.
Exisiting Polyphor investors contributed to 98% of the financing.
Polyphor is a clinical stage, privately held Swiss specialty pharma company focused on the development of macrocycle drugs addressing antibiotic resistance and respiratory diseases.
The proceeds will be used to finance the Pharma business unit, and particularly the pivotal registration programme of the antibiotic Murepavadin (POL7080) against Pseudomonas aeruginosa, including its most resistant strains, and the proof of concept program for the elastase inhibitor POL6014.
Proceeds will also be used to finance the completion of the preclinical development of the Polyphor antibiotic platform to progress candidates into the clinical stage.
Under the terms of the transaction, Polyphor received CHF10 million and will call the remaining CHF30 million in the second half of the year after the successful completion of the clinical end of Phase II meeting for its lead clinical stage antibiotic, Murepavadin, with the US Food and Drug Administration, FDA.
Giacomo Di Nepi, CEO of Polyphor, indicated that the funding will be critical to achieving the aims of Polyphor going forward.
“The capital increase secures the financing of the pivotal development program of our lead antibiotic candidate Murepavadin, the advancement of POL6014, and, in general, of our promising pipeline. The very significant backing of the financing by our existing investors, including the substantial support from anchor investors Varuma AG and Ingro Finanz AG, is an important sign of trust and endorsement of the strategy, and allows the implementation of our mission to build value by developing innovative medicines to fight antibiotic resistance and help patients with severe respiratory diseases.”
Murepavadin (POL7080) is the first representative of the Outer Membrane Protein Targeting Antibiotics (OMPTA) class, a class of antibiotics against Gram-negative bacteria with a novel mode of action discovered by Polyphor.
It is the first new class of antibiotics against gram-negative pathogens to enter late-stage clinical development in over 40 years.
Murepavadin is being developed for the treatment of Nosocomial Pneumonia (VAP and HAP) caused by infections through Pseudomonas aeruginosa, including its resistant strains; a disease with a reported mortality of 30-40%.
Carbapenem-resistant Pseudomonas aeruginosa is considered one of the top three most dangerous pathogens by the World Health Organisation.
Several industry partnerships and financing from the Cystic Fibrosis Foundation Therapeutics, Gilead Sciences, Novartis, Taisho and the Wellcome Trust are also part of Polyphor’s overall business.
As of 31st December, 2015, Polyphor had about 100 employees of which about 50% have Ph.D. degrees, 35% are graduate chemists or biologists, and 14% are technicians.