Fungal firm raises £3m for human trials

BLUEBERRY Therapeutics, based on Alderley Park, has raised £3m 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 the progress of its innovative treatment for onychomycosis or fungal nail infection and associated tinea pedis (athlete’s foot), into human clinical trials with the ambition of moving into Phase III trials early in 2017.

This $3bn market lacks a topical treatment for fungal nail infection that has the effectiveness of oral treatment but without toxicity concerns.

Blueberry’s lead drug has the promise of being a more effective and well tolerated topical therapy for the treatment of fungal nail infection than existing topical products on the market.

The company will also hold a pre-investigational new drug (IND) meeting with the US Food and Drug Administration to seek approval for its clinical development plans, which will allow the company to move rapidly through clinical development.

John Ridden, chief executive of Blueberry Therapeutics, said: ” he 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.”

Gareth King, investment manager at the GM&C Life Sciences Fund, said: “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.”

The GM&C Life Sciences Fund investors are the Cheshire and Warrington LEP, Greater Manchester Combined Authority, Cheshire East Council and Manchester Science Partnerships.

Its legal adviser was Melanie Yeomans at Ward Hadaway, while Blueberry Therapeutics was advised by Simon Wallwark and Rhian Owen at Slater Heelis.

Simon Wallwork said: “This investment marks a significant stage of growth for Blueberry Therapeutics and enables the team to take advantage of the huge demand for a topical remedy to a condition common across the world.”

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