Ann Arbor-based NanoBio has raised $12 million in series B equity financing. Perseus led the round, with contributions from existing investors. The cash will be used to complete a Phase I study investigating a novel topical treatment for acne, preclinical studies on a nebulized therapy for cystic fibrosis, and a Phase I study for an intranasal seasonal influenza vaccine. The company has raised $80 million to date and was a 2008 Fierce 15 company.
Despite the difficult funding environment, NanoBio CEO James Baker, MD, said the company had no trouble raising funds. "Our data is so compelling that it made it a little easier for us. We have a unique tech platform and compelling data in humans. That facilitated our fundraising."
NanoBio's technology is in clinical development in three areas. It's dermal program is the most advanced, and has efficacy data from a Phase II trial. The company is also exploring a respiratory indication that has in vitro results and will be heading into the clinic soon. Finally, the company will initiate clinical trials for an influenza vaccine, which has already gained funding from the NIH and the Gates Foundation. Dr. Baker told FierceBiotech that NanoBio is using the fresh round of funding to go into development in all three areas.
NanoBio is also in talks to find a partner for one of its programs. The company anticipates announcing a deal for its first product "in the next three months or so," according to Baker.
- check out NanoBio's release