Blueberry Therapeutics Limited closes £10m funding to support development of nanomedicines portfolio
Blueberry Therapeutics Limited, (“Blueberry Therapeutics”) a drug discovery and development company focused on developing innovative nanomedicines for difficult to treat skin and nail infections, today announces that it has successfully completed its £10m Series B Fundraising with investment from China Medical Venture Investment (HK) Limited, a wholly owned subsidiary of China Medical System Holdings Limited (“CMS”), and A&B (HK) Company Limited (“A&B”).
Blueberry Therapeutics will use the net proceeds of the Series B Fundraising to fund its development programme for BB2603 for the treatment of onychomycosis and tinea pedis, as well as progressing its earlier stage acne, topical analgesia and atopic dermatitis programmes.
The company’s vision is to discover, develop and bring to market high value nanomedicines that will overcome existing efficacy, tolerability and safety profile concerns and positively impact on treatment outcomes.
Blueberry Therapeutics has a number of pipeline nano-formulated treatments focussing on skin and nail infections where there is a significant clinical need for treatments with improved efficacy, safety, tolerability and patient compliance.
BB2603 (terbinafine-nano) is Blueberry Therapeutics’ lead development drug candidate and will complete a Phase II dose finding study as we approach Phase III clinical development in the US and EU for the treatment of onychomycosis. BB2603 is a novel topical nanoformulation of the established antifungal terbinafine, delivered as a hand pump spray.
Using nanotechnology, BB2603 is designed to greatly enhance delivery of terbinafine to target fungal infection under the nail. BB2603 aims to demonstrate equivalent efficacy and treatment duration but at a dose which is several thousand-fold lower than documented for oral terbinafine, thereby potentially avoiding the systemic side effects and patient monitoring requirements of oral terbinafine.
Dr. John Ridden, Chief Executive Officer of Blueberry Therapeutics said: “I am delighted to have completed the Series B Fundraising which enables us to progress all of our programmes to the next stages of development. In addition, I got to know the CMS team well during negotiations and I firmly believe they are the ideal partner to help us develop and commercialise our products in the Asia region and we look forward to working closely with them.”
Mr. Lam Kong, Chairman, Chief Executive and President of CMS, commented: "We are very pleased to be shareholders in Blueberry Therapeutics and to be able to support the management team in its quest to deliver high value innovative medicines for patients suffering from a range of dermatological disorders and we look forward to collaborating in the development of the Company’s products."
Bryan, Garnier & Co. Limited acted as Financial Adviser to Blueberry Therapeutics with Slater Heelis LLP providing legal advice to the company on the fundraising investment.