NovaBiotics Raises £5.0 Million in a Private Placement

NovaBiotics has announced that Woodford Investment Management has invested £5.0 million (gross) in a private placement.

The funds will provide working capital to enable NovaBiotics to achieve key value enhancing milestones in the short to mid-term. The priority for the business is driving forward the company’s clinical stage, first-in-class antimicrobial therapeutics assets. NovaBiotics is also focused on further developing its earlier stage antifungal and antibacterial compounds and the anti-infective peptide platform from which these molecules have been derived.

Deborah O’Neil, CEO of NovaBiotics said: “NovaBiotics has become a leader in the anti-infectives field over the last 10 years. We have developed highly differentiated, disruptive technologies for a number of clinically unmet, economically significant indications. This development is underpinned by excellent science. Woodford coming on board as an investor reflects that excellence and also where the business currently is in its lifecycle.”

Bryan Bodek, NovaBiotics Chairman added: “This investment validates our model and the hard work that has been done by Deborah and her team over the last 10 years. We are delighted to welcome Woodford as a significant investor and, together, we are aligned and excited about the next phase of development of the company.”