AMPLIPHI BIOSCIENCES Announces First Closing of $2.7m
RICHMOND, Va. & SEATTLE, Wa. & COLWORTH, UK, Nov 17, 2011 (BUSINESS WIRE) -- AmpliPhi Biosciences Corporation (APHB.PK), the leader in the development of bacteriophage-based anti-bacterial therapies to treat drug resistant infections, has announced that is has closed on an initial amount of $2.7M in equity investment and convertible loan notes to support the further progress of the Company. In total, the Company is seeking up to $5m in this round.
This initial round was led by prominent private investors Jim Mellon and Gwynn Williams. Mr. Mellon, an investor with more than two decades of experience in fund management, is well known for his expertise in development economics. He is author of the books Wake Up! Survive and Prosper in the Coming Economic Turmoil, and Top Ten Investments to Beat the Crunch. Mr. Williams, a chartered physicist and fellow of the Institute of Physics in the UK, is founder of numerous biotech companies including, Xoma, Inc., BioMarin Pharmaceutical Inc., Glyko Biomedical Ltd. and its predecessor Glyko Inc., among many others.
The Company has also announced that it has opened a US-based research facility in Richmond, Virginia to facilitate US-based collaborations.
Philip J. Young, Chief Executive Officer said, "I am delighted that Ampliphi has been successful in securing additional investment into the Company. The quality and experience of Jim Mellon and Gwynn Williams represents an important endorsement of the potential of our technology."
Mr Young continued "These funds provide us with the capital needed to help further develop our innovative phage-based anti-bacterial therapies for human, animal and other applications."
The core focus of the company is developing treatments for serious bacterial resistance, which is a significant healthcare burden globally. The World Health Organization (WHO) identified "Combating Antimicrobial Resistance" as the theme of World Health Day April 7, 2011, calling for increased awareness of the deadly threat posed by drug-resistant strains.
AmpliPhi is the first company to demonstrate the clinical efficacy of phage technology in a controlled, human clinical trial. Its strategy is to develop a targeted pipeline of therapeutics in-house and to secure collaborations with third parties to maximise the potential of its innovative bacteriophage platform technology.
Jeremy Curnock Cook, Chairman commented: "The Board is confident that AmpliPhi is well poised to become a leading industry innovator in the anti-infective space. With this initial funding in place, we will look to upgrade our listing and return to reporting status as soon as practicable. Commensurate with this, we will explore additional financing opportunities to accelerate our progress."
The Company's lead product, BioPhage-PA has completed Phase II development targeting Gram negative bacterial infections that are often resistant to existing antibiotic treatments for chronic inner ear infections. Its pipeline also includes BioPhage-PR, in preparation for clinical trials for the treatment of pseudomonas-based lung infections in cystic fibrosis patients.
In addition to this equity financing, AmpliPhi has secured multiple research grants to support a number of its product development programs. These include funding from the Cystic Fibrosis Foundation of America to support clinical trials of BioPhage-PR, and a UK Government backed initiative led by Unilever PLC UL -0.83% to exploit novel genomic information to develop next generation, specific, natural antimicrobials for use in the personal care industry.
AmpliPhi BioSciences Corporation, created in 2011 through the merger of Biocontrol Limited with Targeted Genetics Inc., is a biotechnology company dedicated to the development of innovative anti-bacterial solutions to improve human health through the application of its proprietary bacteriophage platform. The Company's lead product development programs are targeting Gram-negative infections that are often resistant to existing antibiotic treatments. For more information, please visit http://www.ampliphibio.com .
This press release contains certain forward-looking statements that involve known and unknown risks, delays, uncertainties, and other factors not under the control of the AmpliPhi Biosciences Corporation. AmpliPhi Bioscience's actual results, performance, or achievements may differ materially from those conveyed in such forward-looking statements. The factors that could cause actual results, performance or achievements to differ from the forward-looking statements include the possibility that the expected benefits from the Company's acquisition of Biocontrol Ltd. will not be realized, or will not be realized within the anticipated time period; the risk that the combined businesses will not be integrated successfully; the risk that the Company's current financial resources and future financial resources will be insufficient to enable the Company to fund continuing operations; and the risk that the Company and its licensee's product development efforts will be unsuccessful. The Company is not subject to the reporting obligations of the Securities and Exchange Act of 1934 and, accordingly, is not required to file current or periodic reports with the Securities and Exchange Commission.
SOURCE: AmpliPhi Biosciences
Phil Young, CEO
Jeremy Curnock Cook, Chairman
Media enquires -- College Hill Life Sciences
Rebecca Skye Dietrich
Melanie Toyne Sewell/Gemma Howe
+44 20 7457 2020